Colonial will create one of the largest Prime Office Sites in Paris Center-West

  • Colonial acquires the historical headquarters of SMA Group for €165m

  • Office building in a prime location in the center of Paris 15th arrondissement

Barcelona, 16th January 2017. The Colonial Group has closed, through its French subsidiary, a €165 million deal to acquire the historical headquarters of the SMA Group (SMABTP, SMAvie). The building occupies a prime site in 112-122, Avenue Emile Zola, in the heart of Paris's 15th arrondissement. It is surrounded by a mix of residential and commercial real estate and is well served by public transport.

Contracts will be exchanged when SMA moves to its new headquarters in the fourth quarter of 2017. The roughly 21,000 sq m building dating back to 1966 stands on a 6,300 sq m plot featuring a tree-filled garden that offers a wide range of options.

The Colonial Group will restructure the property and transform it into a new major business center in the center- west of the French capital. With this acquisition, the Colonial Group is pursuing its value creation strategy and confirming its leadership of the Paris prime office property market as well as its aim of offering current and future clients the best possible work environment for developing their businesses and attracting talent.

"We are focusing on making targeted acquisitions of completely outdated office properties in high potential districts that we can redevelop and put back on the market as prime new products aligned with current expectations and office use practices", says Dimitri Boulte, SFL's Managing Director and Chief Operating Officer.

This - Prime Factory Acquisition - is part of an investment pipeline of the Colonial Group in the three markets and enhances the growth strategy focused on value added investments with important value creation potential through real estate management and transformation.

"Our objective is to implement a project "Alpha II" in line with the project executed last year. This deal provides for a first step in the framework of this strategy", underlines Pere Viñolas, Chief Executive Officer of Colonial.

About Colonial

Colonial is a leading property Company in the European Prime office market with presence in the main business areas of Barcelona, Madrid and Paris with a portfolio of 850,000sq m above ground and assets under management with a value of close to €8bn.

For more information please refer to Román y Asociados +34 93 414 23 40

Xavier Ribó - x.ribo@romanyasociados.es +34 669 486 003

Víctor Palacio - v.palacio@romanyasociados.es +34 677 782 370

Inmobiliaria Colonial SA published this content on 16 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 January 2017 07:26:04 UTC.

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