Your browser is not up to date and is not able to run this publication.
Learn more

London and Paris are still the most attractive European Cities - Patrizia City Ranking

Primonial launches 1bn pan-European fund dedicated to social infrastructure

As was the case in the previous edition, published in 2017, London, Paris, Vienna and Munich still occupy the top four spots of the Patrizia City Ranking, illustra- ting which European cities are the most attractive and which the most liquid. Oslo, meanwhile, nudged up from seventh to fifth position, while Stockholm slumped to sixth from fifth place. In terms of the biggest movers, Nuremberg jumped a massive 67 places to 39th position, while Bergen was the second biggest mover, climbing 35 places to 66. As uni- versity cities, both are able to appeal to young people, draw in new companies and thereby create an environment where innovation can foster , says Dr. Marcus Cieleback, Chief Economist of Patrizia. Vienna delivered the biggest sur- prise, the study shows, as the Austrian capital was home to the most institutional residential transactions.

Paris-based investment manager Primonial has launched ESI, a pan-European open-ended real estate fund dedicated to social infrastructure, encompassing mainly healthcare assets but also educational and affor- dable residential real estate. The SICAV is managed and marketed by Primonial Luxembourg and aims to reach 1bn AUM by 2022. It already has nearly 450m of investments made or in the process of being made ESI is targeting a clientele of local and international institutional investors seeking recurring income and long-term capital appreciation, with a 5% annual dis- tribution target. The fund s capital will be spent for 80% in health and accommodation assets for seniors (clinics, medical centres, nursing homes, senior residences, etc.), 15% educational real estate (schools, training centres, day-care centres, etc.), and 5% in affordable or specia- lised housing (intermediary/social, student residences, etc.). It will look to invest on a European scale, mainly in Northern European countries (Germany, Austria, the Netherlands, France, etc.), which will represent 80% of the target allocation.

Paris-based REIT/SIIC SFL has just signed a 12-year off-plan lease, of which 9 are firm, with Goldman Sachs on the 83 Marceau. The American banking institution intends to make the 8,900 sqm office building its Paris headquarters, as it looks to double its workforce in the French capital. 83 Marceau, which overlooks the Place de l Étoile and was for a long time the headquarters of the Portuguese bank Caixa Geral de Depósitos, is undergoing a major restructuring project by French architect Dominique Perrault and carried out by Eiffage. Delivery of the office complex is expected in the third quarter of 2021.

Goldman Sachs to make 83 Marceau its future Paris headquarters

DWS and Société Générale refinance Paris Défense Plaza tower

Deutsche s DWS announces, in partnership with French Société Générale Corporate & Investment Banking, the refinancing of 205m of the Défense Plaza office building in La Défense, in Paris. It is held by a fund managed by Northwood Investors. This refinancing will be composed of a senior tranche of 175m, a mezzanine tranche of 30m, and will be entirely attached to a debt fund managed by DWS. The 14-floor Class A building covers more than 31,000 sqm and is fully leased to a diversified tenant base of international companies.

83 M

ar ce

au ©

S FL

/ Kr

ea cti

on

Juin 2020 #166 Magazine Business Immo | 70

BUSINESS IMMO / EUROPE NEWS