BNP Paribas REIM announces three successful acquisitions of office buildings in Dublin, Frankfurt and Bordeaux, on behalf of its open-ended fund “BNP Paribas Diversipierre” dedicated to private clients and managed by BNP Paribas REIM France. These investments total up a lettable area of ca. 23,500 sqm and an investment volume of about € 125 m.
“The One” in Dublin
Acquired from Jones Investments Limited, The One is a landmark office building well located on Grand Canal Street in the vibrant heart of the South Docks area of Dublin. The property underwent a major redevelopment project in 2015 which included a new penthouse and full remodelling. The One now comprises 4,345 sqm arranged over basement, ground and six upper floors, making it one of the best working environments in the city. It also benefits from proximity to public transport infrastructure and is located close to the city’s technology hub. Large corporate occupiers in the immediate vicinity include multi-national businesses, as well as many major law firms. The One property is fully let to Stripe Payments Europe Limited, a technology company, as its European Headquarters.
“Schwedler Carré” in Frankfurt
Acquired from a global alternative asset manager, the Frankfurt property Schwedler Carré was built in 2009 and comprises seven storeys. It is located in the attractive submarket of Ostend in Frankfurt, a developed urban retail, office and residential neighborhood, close to the main road and within walking distance of public transportation. The 8,483 sqm office building is 100% leased to a single tenant, a subsidiary of Publicis, the global advertising agency.
“Tribequa” in Bordeaux
At 800 meters from Saint-Jean train station and in the immediate vicinity of other transportation facilities, Tribequa enjoys an excellent location in the heart of a mixed-use project in the Bordeaux Euratlantique district. The off-plan property comprises 10,500 sqm of offices. Developped by BNP Paribas Real Estate Property Development, the building has been bought on a speculative basis.
“With these acquisitions, we continue to further develop the real estate portfolio of BNP Paribas Diversipierre, which is now worth more than €1bn. We intend to continue investing in core markets in the Euro zone, with an acute focus on dynamic locations and assets offering reversionary potential. These three properties perfectly illustrate our investment strategy in that respect,” explains Jean-Maxime Jouis, Head of Fund Management at BNP Paribas REIM France.
“Our market coverage and our expertise allow us to handle transactions of varying scale in different sectors, providing investment solutions adapted to our clients’ needs. The three acquisitions for BNP Paribas Diversipierre fund clearly illustrate our sourcing capabilities on a European scale, including also large regional cities such as Bordeaux” adds Nils Hübener, Global Chief Investment Officer of BNP Paribas REIM.