Abenex Value I, an SRI-certified real estate fund, acquires an asset located at 69-71-73 rue Archereau & 91-93-95 rue de l’Ourcq, in the 19th arrondissement of Paris via a new dedicated vehicle, also managed by Abenex, and backed by leading institutional investors.
This real estate asset lies between the La Villette district, near the Canal de l’Ourcq and the Seine, within a residential and commercial environment with diverse educational institutions and catering shops. The asset also benefits from good public transport connection as a result of its proximity to metro line 7 (350 m) and RER E (550 m).
The building is currently used for offices and public utilities (“EICSP”), held in full ownership and offering a total floor area of over 4,500m² in superstructure on five levels, including a basement level. In line with its value-add strategy and sustainability approach, Abenex (B-Corp certified and purpose-driven company) aims to significantly improve the asset’s energy and environmental performance, accessibility and reception capacity, through best-in-class renovation. Built in 1864, the building was originally used as a biscuit factory for the Félix Potin group.
This acquisition brings together the Abenex’s REIM funds three main investment criteria: (i) a disciplined and adjusted level of risk for an existing asset given its location and its intrinsic qualities ; (ii) a value creation angle through via a complete upgrade in terms of energy efficiency ; (iii) a potential for additional constructability, particularly through the conversion of parking slots into floor space, the creation of a zenithal glass roof and the creation of a roof terrace.
This new acquisition adds to the existing assets’ portfolio of Abenex Value I which now comprises 9 projects, 2 sold and 7 of which are undergoing a repositioning or transformation program.
“This new acquisition – the second of 2023 – complements and diversifies the portfolio of existing and restructuring projects within our real estate funds to bring their total assets under management to over 150 million euros. The current new and complex environment encourages us to pursue our development by intensifying our investments in liquid and resilient assets” comments Vincent Brunswick, Partner of Abenex REIM (real estate activities).
Advice on the transaction:
- Abenex advisor: BNP Paribas Real Estate
- Legal advisor for both parties: Etude Chevreux (“notaires”)