Colonial bets on a new prime office building in Paris

18/01/2017

Colonial bets on a new prime office building in Paris

Colonial has acquired the historical headquarters of the SMA Group with an investment of €165 million through its French subsidiary, SFL. The property is situated in a prime location at 112-122 Avenue Emile Zola, in the centre of the 15th arrondissement of Paris. The area is characterised by a good combination of commercial and residential offers, and is well connected with public transport.

This acquisition consolidates Colonial’s value creation strategy; the Group plans to restructure the property to make it one of the best office complexes in the central-western area of Paris. The building has a surface area of approximately 21,000 m2 and was built in 1966 on a plot of 6,300m2 with green areas.

This “Prime Factory” acquisition is part of the Colonial Group’s growth strategy focused on real estate management and transformation. Colonial purchases the buildings and then renovates them, creating offices with added value.

“Our objective is to carry out an “Alpha II” Project in line with the project executed last year. This operation is the first step and is part of this overall strategy, "said Pere Viñolas, CEO of Colonial.

Pic: Cloud Building, building of Colonial portfolio in Paris.

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