SOURCE: Wereldhave NV

December 01, 2010 02:16 ET

Wereldhave NV Acquisition Office Development Project in Greater Paris

THE HAGUE, NETHERLANDS--(Marketwire - December 1, 2010) - Wereldhave has reached agreement on the acquisition of an office building yet to be built in Joinville-le-Pont, in the Eastern periphery of Paris. The project will be delivered by developer Icade on a turnkey basis, with Wereldhave taking on the letting risk. The investment volume will amount to around EUR 67 mln, which upon completion is expected to produce a net effective yield of approximately 7.5%.

The development concerns a state-of-the-art office building of 17,670m2 net lettable area divided over seven large floor plates and two layers accommodating 208 parking spaces. The project, designed by the renowned architect Jean-Paul Viguier, will comply with the most recent criteria for sustainability, amongst which the BREEAM Excellent label. Construction is expected to start in the third quarter of 2011 with completion scheduled for the second quarter of 2013.

The office will be built in Joinville-le-Pont, one of the wealthiest suburbs in the East of Paris. The building is attractively located adjacent to the Bois de Vincennes and will have a Parisian address. It features excellent accessibility by public transport and car, as it will border directly to a station of the RER A, the main public transport line in Paris, linking the Eastern with the Western part and carrying around 290 million passengers a year. In addition, the location offers direct access to/from the 'second ring' of Paris, the A86-highway as well as the A4-highway.

Hans Pars, CEO of Wereldhave N.V., comments:

"This investment fits well into our strategy of focusing our French operations only on high quality, sustainable office buildings on sustainable locations in the Paris region. The excellent transportation links combined with the immediate proximity of the Bois de Vincennes and its various amenities, will highly contribute to the success of this project."

The Hague, 1 December 2010 
Board of Management Wereldhave N.V.

Contact Information

  • For further information:
    Wereldhave N.V.
    Richard W. Beentjes
    Tel. + 31 70 346 93 25

    Information for analysts:
    Wereldhave N.V.
    Charles F. Bloema
    Tel. + 31 70 346 93 25
    www.wereldhave.com