On 23 June, La Française Real Estate Managers (REM), a real estate management company with close to €32 billion in assets under management (31/05/2023), acquired off market an off-plan 8,778 sqm (ground floor + 9 floors) mixed-use development from BNP Paribas Real Estate Property Development at 49-53 boulevard des Dames in Marseille.
Ideally located just a 10-minute walk from the Old Port of Marseille, a few minutes from Les Docks Village shopping centre and near the historic Panier district, the development is situated in a prime location. Easily accessible by public transport (Metro Line 2 - Joliette stop, Tram Lines 2 and 3 - République Dames stop), the mixed-use development will include a 237-room hotel with 7,582 sqm and a 945 sqm co-working space spread over three floors, as well as a 251 sqm pharmacy, which already exists and will not be altered by the project.
The complex will be certified BREEAM "Very Good" and will be connected to the Thassalia urban marine geothermal network. The project will be integrated into the "Booster du Réemploi" to promote the circular economy, and at least 5% of site hours will be reserved for the integration of vulnerable groups or populations that are excluded from the labour market, making it an exemplary project from both social and environmental perspectives.
Leslie Villatte, Director of Institutional Real Estate Investments and Development – France of La Française Real Estate Managers – Institutional Division, concluded: "The asset benefits from an ideal location that is consistent with the positioning of the Ruby Group, a first-rate tenant. It boasts a host of top-of-the-range facilities and excellent accessibility thanks to its location in the heart of the Marseille city centre. Moreover, this investment strengthens the diversification of our portfolio of tourism assets with the addition of a first-rate operator.
"The refurbishment of an obsolete commercial property belonging to the BNP Paribas Group into a hotel that meets the highest environmental and social standards is a genuine urban transformation project that reflects BNP Paribas Real Estate's strategy for the years to come. It is a perfect illustration of the synergies we are developing for our partners such as La Française REM and Ruby Hotels Group", says Olivier Bokobza, Chairman of BNP Paribas Real Estate Property Development.
La Française REM was advised on this transaction by Allez et Associés, LPA-CGR and Delpha Conseil. BNP Paribas Real Estate Property Development was advised by BNP Paribas Real Estate's Residential and Hospitality Advisory teams, the Thibierge notary office and Gide.
Ruby was advised by CMS Francis Lefebvre Avocats.