PAREF ACQUIRES A 5,800 M² BUILDING IN LEVALLOIS-PERRET
Press release
Paris, 28 April, 5.35pm
PAREF ACQUIRES A 5,800 M² BUILDING IN LEVALLOIS-PERRET
SIIC PAREF announces the completion of the acquisition of an office building located in Levallois-Perret (outside Paris) for a total sum of €24 million deeds in hand. With a leased occupancy rate of over 95% and located close to the So Ouest shopping centre, it benefits from a prime location in a promising and rapidly changing environment.
The building, which was constructed in 1995, enjoys a very high profile due to its angled structure, and its proximity to public transport and the Paris périphérique (surrounding motorway). It has a surface area of 5,800 m².
Its occupancy rate is 95%, thanks to 8 tenants accounting for 10 leases. The large majority (more than 70%) of rents have been renegotiated during the past two years at levels in line with the current rental market.
Alain Perrollaz, Chairman of the PAREF Management Board, added, “The acquisition of this building is fully consistent with our strategy of trading up our asset portfolio and illustrates our resolve to refocus our asset portfolio on commercial properties located in the immediate proximity of Paris, and that have the potential to create value.”
Paref was advised in this acquisition by the legal practice Wargny Katz and the investment division of BNP Paribas Real Estate. The acquisition is co-financed with Crédit Agricole Ile de France and Bpifrance Financement.
| About PAREF |
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PAREF Group operates in two major complementary areas: § Commercial and residential investments: PAREF owns various commercial buildings in and out of the Paris region. The Group also owns the temporary usufruct of residential property in Paris. § Management on behalf of third parties: PAREF Gestion, an AMF-certified subsidiary of PAREF manages 5 SCPIs and 2 OPCIs. At 31 December 2013, PAREF Group owned € 173 million in property assets and managed assets worth € 683 million on behalf of third parties. Euronext Paris - Compartment C ISIN: FR00110263202 - Ticker: PAR |
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| Alain PERROLLAZ Chairman of the Management Board Olivier DELISLE Member of the Management Board Board Tel: +33 1 40 29 86 86 |
Lucie LARGUIER Investor and Press Relations [email protected] Tel: +33 1 53 32 84 75 |
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Shareholders' agenda 1st quarter sales: 6 May 2014 Annual General Meeting: 14 May 2014 |
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| For further information, please visit the PAREF Group website: www.paref.com |
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