La Française REM and EDF Invest Acquire Memphis Building in Paris
2 JAN, 2024
By Johanna Zidani from RankiaPro Europe
La Française Real Estate Managers (REM), acting on behalf of two collective real estate investment vehicles, and EDF Invest have acquired the Memphis building, a mixed-use property for offices and retail, located at 111 Avenue de France in the 13th district of Paris. The asset management has been entrusted to the Institutional division of La Française REM.
Situated in the heart of the Paris Rive Gauche Development Zone, amidst a mixed environment of business and commercial activities hosting large national and international companies, the Memphis building is well-connected by public transport (Metro Line 14/RER Line C - Bibliothèque François Mitterrand Station and Line 6 - Quai de la Gare Station).
Completely renovated in 2021 by architects Ory and Saguez & Partners, the eight-story building is one of three comprising the M7 real estate complex. It spans 14,415 sqm, including 10,059 sqm of offices and 4,239 sqm of retail spaces, offering numerous outdoor green spaces (two terraces and a 400 sqm rooftop) and amenities (cafeteria, restaurant, concierge, "cool working" space, bike garages).
The Memphis building holds BREEAM Excellent certification and WiredScore Gold label. It underwent significant renovations to enhance energy performance, including the installation of high-efficiency fan coils and energy-efficient lighting, as well as the replacement of air handling units. A plan to improve the energy performance of the commercial space is also scheduled for 2024.
Fully leased to eight tenants operating in various sectors such as biotechnological research and development, cosmetics, agri-food industry, digital transformation consulting, and sports equipment, the building enjoys a diversified tenant base.
Philippe Depoux, President of La Française Real Estate Managers, stated: "We are very pleased with this investment that brings together our collective real estate investment vehicles and EDF Invest. We sincerely thank EDF Invest for their trust. The Memphis building meets all the fundamentals required by La Française REM. Its centrality and the quality of its renovations and services are factors that should support the attractiveness and valuation of the asset."
Assia Oudni, Director of Real Estate Investments at EDF Invest, added: "This acquisition aligns with our belief in the need for flexible and high-quality office spaces for tenants and reflects our confidence in the market fundamentals of the area. EDF Invest is delighted with this partnership with La Française REM."
La Française REM and EDF Invest were advised by the notary firm Allez & Associés, Fairway for transaction and financing, and Artelia for technical aspects. Law firms Mayer Brown and Lacourte Raquin Tatar supported La Française REM and EDF Invest, respectively.
