BNP Paribas Immobilier has announced the launch of a 76,000 m[sup]2[/sup] mixed-use project in the new Claude Bernard district of Paris (19th arrondissement). The new complex, mostly for office and residential use, will be developed through a public-private partnership with Semavip, the property development company of the City of Paris.
BNP Paribas Immobilier has announced the launch of a 76,000 m2 mixed-use project in the new Claude Bernard district of Paris (19th arrondissement). The new complex, mostly for office and residential use, will be developed through a public-private partnership with Semavip, the property development company of the City of Paris.
The new project envisages the construction of seven High Quality Environmental buildings, providing a total of 41,000 m2 of offices, 7,000 m2 of retail space as well as 28,000 m2 for residential use. The scheme will also include a nursing home offering 104 beds, a crèche and a school.
BNP Paribas said that the majority of the project has already been sold to a number of investors. The social housing as well as the retail section of the development were acquired by the municipality's Régie Immobilière de la Ville de Paris (RIVP). BNP Paribas REIM, the investment management arm of BNP Paribas Real Estate, has purchased the rest of the residential units for one of its SCPI investment vehicles, while the nursing home was bought by Axentia and will be operated by the Fondation de la Caisse d’Epargne Pour la Solidarité.
Designed by architects Jacques Ferrier, Emmanuel Combarel and Sauerbruch Hutton, the three office buildings included in the project are expected to be delivered in the second quarter of 2012, while the residential part is planned for delivery in the third quarter of 2011, BNP Paribas said.
