Covivio announces the signing of the sale of the “Anjou” office building located in Paris 8th arrondissement, and under redevelopment. The disposal of this 9,328 m² building, fully pre-let to a French company operating in the luxury industry, is the culmination of the asset management work carried out since the building was purchased in 2006. As part of the sale, the Group has signed a real estate development contract, thereby demonstrating the quality of the development operations carried out by Covivio’s teams. The total cost of the project is €230m.
Located in the heart of the French capital’s Central Business District (CBD), this building acquired by Covivio in 2006 was occupied by Orange and La Poste until the last quarter of 2021. Once it became vacant, Covivio opted to completely refurbish and reinvent the 1930s building in line with contemporary needs and uses. The delivery is scheduled for 2025.
Conceived according to Covivio’s design and service standards, the building will offer 1,000 m² to 1,500 m² of office spaces, an innovative range of top quality services (catering, work café, multi-purpose room, fitness area), as well as extensive outdoor spaces with terraces and rooftops. In terms of CSR performance, “Anjou” aims to obtain HQE Sustainable Building “Excellent”, BREEAM “Excellent”, R2S and BBCA Rénovation certification.
This disposal allows the Group to crystallise the value of the asset created by asset management work.
As part of Covivio’s ongoing disposal plan, the sale demonstrates investors’ continued interest in quality assets located in central, dynamic and attractive districts.
This transaction is a concrete example of Covivio’s policy of transforming heritage buildings in Paris pursued by the Group in recent years. After the redevelopment of the onepoint headquarters completed in 2015 (Paris 16th arrondissement), the delivery of the Gobelins building in the 5th arrondissement, occupied by Expertise France under a flexible contract, marked a new structuring stage. Today, three other operations of this type are underway in Paris CBD.
The approach deployed in the Anjou building illustrates Covivio’s office strategy of:
· (re)developing projects in the best locations;
· designing offices that combine flexibility, well-being, services, and collective and environmental performance;
· creating spaces and experiences specific to each client, in line with the culture and codes of each company.
All thanks to a personalised consulting approach and a customer relationship focused on user satisfaction.
At present, Covivio’s European office portfolio is 67% located in major city centres and has an environmental certification rate of 91% (including 63% rated “Very Good” or higher).
Source : Company