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Union Investment has acquired two office developments in Bois-Colombes on behalf of its open-ended real estate fund UniImmo: Deutschland for a purchase price of around EUR 240 million. The office projects are located in the ZAC des Bruyères development zone in Bois-Colombes, a town north-west of Paris with excellent links to central Paris and the La Défense district.
The projects consist of two buildings that together comprise a complex with a total of 38,000 sq m of rental space. French developer Sefri-Cime is delivering the projects for AXA Real Estate, with a scheduled completion date of 2013. Building A offers 30,000 sq m of rental space and has been let to credit insurance company COFACE for a fixed term of nine yearsfrom completion. Building B has 8,000 sq m of rental space and has been let to GRT Gaz, a subsidiary of energy supplier GDF Suez, also for a period of nine years. Both buildings will have HQE and BREEAM sustainability certificates and be certified as low-energy buildings.
Due to the relatively low vacancy rate, moderate number of completions and positive economic conditions, there is good potential for rental growth in the Greater Paris office market. “This acquisition represents the logical continuation of our strategy of investing in sustainable properties in locations with strong prospects,” says Volker Noack, member of the management board of Union Investment Real Estate GmbH.
Fonte: CS della Società
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