Hines Finds Buyer for Pointe Metro Office Property in Suburban Paris
- Jan 28, 2015
International real estate firm Hines, acting on behalf of the Hines European Value Added Fund, has sold Pointe Métro, a 255,700-square-foot office building outside of Paris in Gennevilliers, France. Northwood Investors L.L.C. snapped up the premier asset for an undisclosed amount.
It was in 2008 when Hines acquired Pointe Métro for HEVAF in a forward purchase; the project reached completion in late 2010. According to a research report Grosvenor Group Ltd., Hines had bought Pointe Metro from Nexity Enterprises for $95 million.
Sited at the base of a Metro station, the property consists of three interconnected structures and also offers 1,000 square feet of retail space. Today, sole office tenant Prisma Media claims the entire building as its own.
A spokesperson for Hines told Commercial Property Executive that the company isn’t sharing any further information about the Pointe Métro transaction; however, given the state of the market, it appears likely that the company had little trouble finding a buyer for the asset. According to a report by JLL, which joined Catella Property in representing Hines in the sale, demand in the Greater Paris region was “vigorous to the end of 2014.” With an estimated total investment volume of $14 billion for last year, 2014 marked the third most active year in the market, after 2007 and 2006.
HEVAF launched in 2005, with the goal of investing in value-add properties across Europe, and creating value through development, redevelopment, leasing and ultimately, disposition.