AXA Real Estate Investment Managers announced on Tuesday that they have chosen to develop an important office project by collaborating with Opale-Défense consortium next to Balard site. The project comprises of four office buildings, which can be delivered either in a single phase or two phases with two buildings at a time.
Both AXA Real Estate and Bouygues Construction, a renowned construction company in the world, are teaming up to build a new office building of 90,000 m2 next to Balard site which would be the site of the French Ministry of Defence in Paris. The construction work will commence in 2012 and would be completed by the end of 2014. Following this transaction, the Venture III is totally committed to the €377.5 million of equity, with other acquisitions of office building project of 20,000-m² from London city, and one more project of 40,000-m² in Paris.
Denis Morel, Senior Fund Manager of AXA Real Estate’s Development Venture III, says that they have secured a number developmental opportunities for the Venture, and hopes to hand over to the authorities high quality assets to create land mark in the real estate markets, anticipating more and more demands from clients of potential investors throughout the globe especially from overseas.
Jean-Manuel Rossi, Global Head of Development of AXA Real Estate, says that it is a prestige to show the team’s expertise in the project of landmark office asset entrusted to them which creates an opportunity to invest on behalf of clients which will be the largest of its kind in Paris.
The team’s interest and goal is to deliver high profile buildings in very good locations which should be one of the prestigious office buildings in France.