InfraRed Capital Partners (“InfraRed”) and Hemisphere are pleased to announce that they have completed the sale of Project Konect, an 11,300 sqm office building located in the North of Paris to French investor Macifimo. The building is located in the 17th district, adjacent to the Paris ring-road.
InfraRed acquired the asset in September 2016 as a development project from French developer Eiffage. Construction was completed in September 2018, on time and budget. The building was awarded two green certifications: HQE Excellent and BREEAM Very Good. Shortly after completion, the office was fully let to two prominent French tech companies. Hemisphere acted as local asset manager on behalf of InfraRed.
Quentin Kerrault, Head of France within InfraRed’s European Real Estate Team commented: “InfraRed capitalised on the direct vicinity of the project to the extension of the Paris Metro Line 14, part of the Grand Paris infrastructure programme, and the excellent asset fundamentals. The combination of these resulted in a compelling buying proposition, capturing both tenant and investor demand. This successful exit demonstrates InfraRed’s capability to create state-of-the-art office space and services for modern occupiers. We continue to look for further opportunities in Paris where we can add value through development, refurbishment and letting, in particular to assets embedded into major locational infrastructure improvements.”
Cédric Vallin, President of Hemisphere, stated “Hemisphere is delighted to conclude this investment with a successful sale. Hands-on asset management work, combined with the implementation of our innovative Hemisphere Smart Services (H2S) concept, have allowed not only to lease up the asset quickly and at record rental levels for the micro-location but also to secure a very attractive capitalisation at the exit”.
About InfraRed Capital Partners:
InfraRed Capital Partners is a global investment manager focused on infrastructure and real estate. It operates worldwide from offices in Sydney, London, Hong Kong, New York, Seoul and Mexico City. With around 170 professionals, it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners is authorised and regulated in the UK by the Financial Conduct Authority.
InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment and has been awarded triple A+ score in 2019 PRI assessment.
Hemisphere is an independent investment and asset management company specialised in the French commercial real estate sector (predominantly offices and logistics). Hemisphere has around 700 million euros of assets under management in the Paris Region. With its proprietary concept Hemisphere Smart Services (H2S), an innovative concept of workspace, operations, services and digital support, Hemisphere places the understanding of occupier needs at the forefront of its real estate management activities.
For further information, please visit www.hemisphere-cap.com