(PARIS) – Hines, the international real estate firm, has acquired La Manufacture in Paris, France, on behalf of its Hines European Core Fund (HECF) from the Weill family.
The Art Deco building spans 4,783 square meters and is located at the foot of the Montmartre in the 18th arrondissement of Paris. Built in 1922, the historic building is 300 meters from the Anvers metro station and 750 meters from the Gare Du Nord and is located in a commercial, economic, cultural and tourist district in Paris.
La Manufacture has a current occupancy rate of 76% and the underground and ground floors total 1,200 square meters, let to a fabric sales company and to Weill. The three upper floors are leased to a web and mobile application publisher. The fourth and fifth floors covering 959 square meters will soon be available for occupancy providing magnificent views of Montmartre and the Basilica of the Sacred Heart.
The Weill family are historic owners of La Manufacture first imagined by the originator of the Art Deco movement, architect Paul Dupré-Lafon at the request of Robert Weill. La Manufacture was renovated by Moussafir Architecte Associés between 2014 and 2016.
Xavier Musseau, president and country head of Hines, France, commented: "We’re very pleased to expand our real estate portfolio in France with this acquisition. La Manufacture is synonymous with prestige, history and tradition in Paris, and we’re confident its contemporary repositioning and fantastic location will maintain its appeal to a broad range of occupiers over the long term. We are proud to add this asset to our portfolio signed by the ‘master’ of the Art Deco movement himself. La Manufacture is a Parisian symbol of haute couture real estate."
Simone Pozzato, fund manager, Hines European Core Fund, added: “This is our fifth acquisition in France and Paris remains a very attractive market for us. The French capital is increasingly becoming an important technology hub in Europe and we expect La Manufacture, due to its prime location and connectivity, to attract technology occupiers. At the same time, we remain fully focused on continuing our Global Real Estate Sustainability Benchmark success so we will look to make sustainability improvements at this asset for the long-term benefit of its tenants, the communities it serves and the environment at large.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management valued at approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm has more than 171 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees investment assets under management valued at approximately €21.7 billion and provides third-party property-level services totaling 3.9 million square meters in Europe, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Founded in 1995, Hines France acts as a developer, investor (in equity and on behalf of third parties) and asset manager. The French subsidiary is praised for its understanding of the real estate needs of companies, its extensive experience of head offices and IGH, as well as its knowledge of the territory of Paris La Défense where it has developed more than 340,000 square meters including EDF, Engie, Carpe Diem and Saint-Gobain towers. Currently, Hines France is developing 450,000 square meters of offices, including the HEKLA Tower in Paris La Défense and the DUO Towers in Paris (13th), two projects designed by Jean Nouvel. Through its Investment Management activity, Hines France manages a portfolio of €2.4 billion in assets consisting of offices and retail, including the prestigious Parisian addresses at 114 avenue des Champs-Elysées, 213 and 223 rue Saint-Honoré, and the Marché Saint-Germain. In 2020, Hines France diversified its strategy with the pursuit of logistics and residential real estate. Hines SGP, Hines' approved management company, received approval from the AMF in December 2018. It manages a portfolio of €672 million in assets.
Visit www.hines.com for more information.
1. Includes both the global Hines organization as well as RIA AUM as of 30 June 2021.
About Hines European Core Fund (HECF)
The HECF was set up in 2006 with the aim of providing investors with a resilient income profile and benchmark’s outperformance, derived from a diversified portfolio of high-quality assets located in prime locations across major European cities. As of Q3 2021 the HECF portfolio was 97.5% occupied with an aggregate fund value of c.€2.4bn. The portfolio of the Fund comprised 32 assets including forward commitments, invested in 16 city markets across ten different European countries.