PAREF - Acquisition in Franklin Tower
Paris, October 1st, 2019
PAREF finalized the acquisition of 6 floors in Franklin Tower
Following the purchase agreement signed in July 2019, PAREF Group finalized the acquisition of 6 floors in Franklin Tower at La Défense (Grand Paris) from 3 funds managed by BNP Paribas REIM on September 30th, 2019.
This acquisition demonstrates the new strategy of the REIT, an increase in the value of the investment property owned by PAREF through a proactive asset management allowing a repositioning on larger assets mainly located in Grand Paris.
The 6 floors, located on the higher part of the tower, represent approximately 12,250 m² and are rented to prime tenants. This asset benefits an excellent location with a strong visibility and proximity to transport.
“We are pleased to finalize this acquisition, a mark of the Group's capacity to implement its strategy in a highly competitive market and to manage large assets.”
Antoine Onfray – Deputy CEO
“PAREF continues its strategy based on 3 pillars, notably (i) owned asset, (ii) management for third-party retail investors and (iii) management for institutional investors, to create value in long term for its shareholders. We are delighted to strengthen the first pillar through this acquisition.”
Antoine Castro – CEO
“As part of the dynamic management of our assets, we are pleased to finalize the sale of these offices historically owned by 3 SCPI funds, which have delivered excellent performance since their acquisitions.”
Guillaume Delattre – Deputy CEO of BNP Paribas REIM France
PAREF was advised by Wargny Katz (notary) and Franklin law firm (lawyer). BNP Paribas REIM was advised by VH15 (notary) and BNP Paribas Real Estate Transaction France and Knight Frank (broker) in a co-exclusive sale mandate.
October 30, 2019 : Financial information as at September 30, 2019
About PAREF Group
PAREF operates in two major complementary areas: (i) Commercial and residential investments owned by SIIC PAREF primarily in corporate real estate in the Paris region (€128 Mn asset as at June 30, 2019) and (ii) Management on behalf of third parties via PAREF Gestion (€1,656 Mn funds under management as at June 30, 2019), an AMF-certified management company.
PAREF is a company listed on Euronext Paris, Compartment C, under ISIN FR00110263202 - Ticker PAR.
More information on www.paref.com
Antoine CASTRO Antoine ONFRAY
CEO Deputy CEO
Phone : 01 40 29 86 86
Citigate Dewe Rogerson
Alexandre Dechaux / Hugo Boussier
07 62 72 71 15 / 06 66 41 01 22
About BNP Paribas Real Estate Investment Management
BNP Paribas Real Estate is one of the leading real estate service providers in Europe. BNP Paribas Real Estate Investment Management
Is the business line dedicated to Investment Management activities.
In 2018, this business line recorded a fundraising of €3.8 billion euros, of which €1.6 billion euros of new cash and €2.2 billion of mandates and separate accounts. At the end of the year, BNP Paribas Real Estate Investment Management managed assets of €28.7 billion euros in Europe. In 2018, a volume of transactions of €4.5 billion euros was registered (investments and sales).
BNP Paribas Real Estate Investment Management offers a range of real estate funds and tailor-made investment solutions that meet the needs of international investors, via the mandates and vehicles managed in Europe with a local presence in 8 countries (Belgium, France, Italy, Luxembourg, Spain, Netherlands and the United Kingdom) investing in different types of assets: offices, retail, logistics, hotels and residential. BNP Paribas Real Estate Investment Management has more than 350 employees providing solutions to more than 100,000 clients in Europe and Asia.
BNP Paribas REIM is the business line dedicated to Investment Management activities within BNP Paribas Real Estate, which consists of regulated entities in the following countries: France: BNP Paribas Real Estate Investment Management France (SGP); Italy: BNP Paribas Real Estate Investment Management Italy (SGR); Germany: BNP Paribas Real Estate Investment Management Germany (GmbH); United Kingdom: BNP Paribas Real Estate Investment Management UK (Limited); Luxembourg: BNP Paribas Real Estate Investment Management Luxembourg S.A.
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