BNP PARIBAS REAL ESTATE INVESTMENT MANAGEMENT FRANCE FINALISES THE RESTRUCTURING OF A BUILDING IN PARIS
BNP Paribas Real Estate Investment Management France has undertaken an asset management programme on behalf of a client that has significantly repositioned an asset at 7 rue Meyerbeer, close to the famous Paris Opera House.
Previously leased to a bank and clothing retailer, the building is now a flagship retail destination leased to a national retailer and prime, eco-certified office building leased to an international company.
The EUR10m programme required our local team to obtain a new building permit, and has allowed our client to refinance the asset, with new, solid long-term rental income in place.
The five-floor building, with two basement levels, was previously occupied by an Italian bank, with offices mainly on the upper floors and a bank branch on the ground floor.
The conditions for the departure of a clothing retailer, which also occupied a store on the ground floor, were negotiated on behalf of the client during the first months of the mandate.
The aim of the programme was to create a flagship store on the lower levels - the first basement level to first floor - and prime offices on the upper floors.
The upgrading of surface areas on the upper floors and creation of a glass roof in the communal courtyard have allowed the extension of the retail surface area while maintaining a high-end specification in the office areas.
In order to maximise income during the asset management works, our team let the building to a pop-up store on part of the ground floor, and created advertising space on the façade for an events management company and an advertising company.
The newly repositioned building was pre-leased well ahead of completion of the works.