TH Real Estate acquire Project Iconic in Morland Mixite Capitale Paris
TH Real Estate, on behalf of the Cityhold Office Partnership (CHOP), has acquired an iconic development covering 28,262 sq m (304,210 sq ft) in the Morland Mixité Capitale Parisian urban regeneration development, located in the heart of Paris.
This highly strategic acquisition reflects international investors' interest in innovative and sustainable mixed-use developments in the best locations in Paris. Once complete, the Morland Mixité Capitale development will include 9,171 sq m (98,715 sq ft) of office space, 970 sq m (10,441 sq ft) of retail space, a 4,151 sq m (44,681 sq ft) youth hostel with 404 beds, a 10,597 sq m (114,065 sq ft) hotel-restaurant-bar, an 813 sq m (8,751 sq ft) nursery, a 1,749 sq m (18,826 sq ft) swimming pool and fitness area, a 521 sq m (5,608 sq ft) food market, the 290 sq m (3,122 sq ft) artistic laboratory "Paris Art-Lab", and 33 parking spaces.
Expected to complete in H1 2021, the development is part of the structural and architectural regeneration of the former Paris Prefecture, an emblematic 43,000 sq m (462,848 sq ft) site.
"Morland Mixité Capitale is an iconic real estate project with exceptional development prospects at the very heart of the capital. Its prime location, mixed-use – specifically designed to cater for occupier demand and new ways of using space – and its emphasis on innovation in terms of its design concepts, technology and sustainability, make it a true model of urban regeneration for the cities of tomorrow. We are extremely proud to be participating in this project, alongside such first-rate players, united in our firm belief that mixed-use will be key in the future of large cities. This exceptional acquisition allows us to further enhance our product portfolio and is testament to our growth aspirations for French investment," commented Christel Zordan, Head of France, TH Real Estate.
"The acquisition of Morland demonstrates CHOP’s strategy for investing in prime mixed-use development projects strategically located in growing city centre locations in Europe’s major cities. Developing future-proofed prime assets in the optimal city centre locations remains fundamental to our investment strategy and we will continue to look for further opportunities both in Paris and across Europe, as we seek to grow the venture to €4 billion+ in the coming 2-3 years," added Jasper Gilbey, Fund Manager, Cityhold Office Partnership, TH Real Estate.
The Accor Group will operate the 161 room, 5 star hotel under its 'SO' brand. Highly innovative and in tune with latest design trends, the hotel will feature a panoramic restaurant and bar on the 15th and 16th floors where visitors will be able to enjoy both an impressive panoramic art structure designed by the Icelandic-Danish artist Olafur Eliasson in conjunction with Studio Other Spaces, and spectacular views out over the city. The youth hostel will be operated by France Hostel, marking its first location in the heart of the French capital.
CHOP is a pan-European office and mixed-use vehicle valued at c.€2.0 billion and targets both core and value-add investments in gateway cities across Europe such as London, Paris, Munich, Hamburg, Frankfurt, Berlin, Madrid, Milan and Amsterdam, among others.
TH Real Estate acquired the asset from Société Parisienne du Nouvel Arsenal, represented by Emerige. TH Real Estate was advised by notary office Thibierge (François Maubert and Emilie Bonnamas), law firm Gide Loyrette Nouel, technical advisory was provided by Orféo, while Arsène Taxand advised on real estate taxation, Linklaters on the structuring of the deal, and JLL Hospitality provided hotel advisory. Société Parisienne du Nouvel Arsenal was advised by notary office Wargny Katz, law firm De Pardieu Brocas Maffei and commercial real estate consultancy firm Cushman & Wakefield.
Content Two Up Component:
Warning: Datasource not found
Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.