PARIS, Dec. 4, 2018 – PGIM Real Estate signed a forward purchase agreement for the development of SWELL, two office buildings in Bac d’Asnières, Clichy. The transaction was executed off-market on behalf of investors of a discretionary pan-European value-add fund. PGIM Real Estate is the real estate investment business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The property comprises two 9,700 square-meter buildings and is located in the urban development zone of Bac d’Asnières, on the banks of the Seine, within the natural extension of the Front de Seine area of the Levallois submarket. Bac d’Asnières is currently being redeveloped and will host mixed-use office, industrial and residential space.
“This transaction illustrates PGIM Real Estate’s ability to capitalize on its strong market connections to acquire this attractive development project off-market.”
Jocelyn de Verdelon,
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Due for completion in 2020 by developer OGIC, SWELL was designed by architect Jean?Baptiste Pietri to high architectural standards to attract institutional tenants. Particular attention will be paid to the air quality in the buildings, which will possess spacious entrance halls, a number of accessible terraces, first floors that can be converted into meeting rooms, and a 50-meter façade with a direct view of the Seine. In alignment with PGIM Real Estate’s commitment to sustainable investing, the property will be quadruple WELL “Silver,” BREEAM “Very Good,” HQE “Excellent” and Effinergie+ certified.
“This transaction illustrates PGIM Real Estate’s ability to capitalize on its strong market connections to acquire this attractive development project off-market,” Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal, said. “Moreover, it represents a unique opportunity to create value for our investors by offering institutional tenants new office areas in a dynamic and evolving location, close to Paris-Levallois.”
Emmanuel Launiau, OGIC’s chairman of the board of directors, added, “Following the successful refurbishment of 41 rue Ybry in Neuilly, this is our second development in collaboration with PGIM Real Estate and illustrates the long-term relationships that OGIC weaves with its partners.”
PGIM Real Estate was advised by Wargny Katz & Associés, Builders & Partners and De Pardieu Brocas Maffei. Financing was provided by BNP Paribas.
Since inception over fifty years ago, OGIC has acquired extensive experience in all sectors of real estate development. OGIC has built more than 10,000 homes, 400,000 square meters of office and 300,000 square meters of industrial space and coordinated a dozen urban development projects. With the support and guidance of Dentressangle, our majority shareholder since 2008, OGIC keeps pursuing its growth strategy within a framework of environmental and social responsibility through a firm commitment to ethical and sustainable development. When designing cities, OGIC thinks first and foremost about those who live in them. It is not solely about creating buildings but inventing quality collective places to live and environments in which human beings find their place. OGIC thus strives to imagine and develop ambitious real estate programs that are always more economical, more responsible and greener. OGIC redesigns urban life.
About PGIM Real Estate
PGIM Real Estate, the real estate investment business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate has professionals in 17 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.2 billion ($49.5 billion net) as of June 30, 2018. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
About PGIM and Prudential Financial, Inc.
With 15 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of September 30, 2018. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 15 countries across four continents. For more information, please visit pgim.com.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.
Prudential Financial, Inc., of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom.
© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 18BDUFF- B6ZMFH