Gecina signs a preliminary off-plan agreement to buy the BE ISSY building in Issy-les-Moulineaux
Gecina has signed a preliminary agreement with the developer PRD Office for its speculative off-plan acquisition of the BE ISSY office building. This asset, located in Issy-les-Moulineaux, in the Southern Loop of Paris’ Western Crescent, will offer a gross leasable area of around 25,000 sq.m and 258 parking spaces. The transaction represents a total of 157.8 million euros including commissions and fees, with around 6,100 euros per sq.m excluding parking spaces.
Based on current market rents, Gecina expects this operation to deliver a potential net yield of nearly 7%.
The building, which will be delivered during the second half of 2018, will benefit from outstanding access to existing public transport infrastructures (T2 tram service, Metro Line 12 and RER C), which will be further strengthened with the delivery of the new Grand Paris Express Metro Line 15 by 2022, located very close to the asset.
The building, designed by the architect Philippe Chiambaretta, will be very energy efficient. In addition to HQE Exceptional and BREEAM Excellent certification, this asset will be one of the first buildings to be awarded the BEPOS positive energy building label and WELL certification for user wellness.
On this transaction, Gecina was advised by the notary’s office Oudot & Associés and AliutA. The seller was advised by the notary’s office Wargny Katz and Theop, Strategies & Corp and Catella.
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Paris, France, March 21, 2019