Primonial REIM acquired, on Thursday 30th November, a portfolio of property assets on Rue de la République in the 1st and 2nd arrondissements of Marseille for the amount of 400 million Euros* according to ANF Immobilier.
Primonial REIM participated in this operation on behalf of a “club deal” bringing together institutional investors including Cepac Foncière, MAIF and Suravenir.
With a total surface area of 127,000 sq m, this development is made up of 140 mixed residential property assets comprising principally Haussmann-style buildings with businesses and offices on the ground floor, ideally located on one of Marseille’s main residential and commercial arterial routes.
Primonial REIM aims to completely reposition this portfolio by creating a diversified offer, meeting the needs of residents. As such, the commercial plan will be rethought and focused on local businesses (food, dining, well-being, culture…) and the creation of new concepts. The budget for this work will allow for the creation of a new dynamic and make the area much more attractive over the next five years.
This acquisition forms part of the investment diversification strategy developed by Primonial REIM, which aims to become a major player in the residential property market. Page 2 of 2
“We are proud to consolidate our presence in Marseille with the completion of this fantastic project. This acquisition illustrates Primonial REIM’s desire to position itself in the everyday property market with an offer that responds to the needs of the population. We have become a partner of the city of Marseille, writing a new page in the history of Rue de la République” stated Laurent Fléchet, chairman of the board of directors of Primonial REIM.
During this transaction Primonial REIM was advised by Clearwater International France, eRE, Cheuvreux Notaires, law firms Fairway et Fidal, as well as Denjean & Associés.
*Excluding fees, one asset in Lyon is not included in the club deal
About Primonial REIM
A portfolio management company accredited by the AMF in 2011, Primonial Real Estate Investment Management (Primonial REIM) seeks to design and manage a range of investment vehicles, bringing its strong values to property markets. Its objective is to make widely available a range of SCPIs (REITs) of offices, healthcare premises, businesses and residences.
Primonial REIM, in its capacity as a portfolio management company, creates and manages OPCIs (property-based mutual funds) for institutional investors. On 10th June 2014, Primonial REIM obtained AIFM (Alternative Investment Fund Manager) agreement from the French Financial Markets Authority for the management of Alternative Investment Funds (FIA), subject as such to more stringent obligations notably in terms of information, liquidity monitoring and risk management. The chairman of the board of directors is Laurent Fléchet. The senior management team comprises Grégory Frapet and Stéphanie Lacroix.
Key figures as of 30th June 2017
|47,000 associates // €12.4 billion of assets under management // 2,750,000 sq m of property assets under management // 2,500 tenants. PRIMONIAL Press Contacts
Tel: +33 (0)1 44 21 71 48 – +33 (0)6 74 05 12 44
Tel: +33 (0)1 44 21 70 74 – +33 (0)6 70 21 91 42
Press agency – SHAN
Brigitte MICHAUT – Consultant
Tel: +33 (0)6 19 66 38 54