(PARIS) – Hines, a global real estate investment, development, and property manager, acting on behalf of the South Korean investor, Hana Securities represented by Vestas Investment Management, has acquired the 13,610 square metres, La Distillerie, an Art Deco building formerly a mint alcohol distillery, located in Saint-Ouen in the northern suburbs of Paris.
Under a VEFA agreement, with the sale pending future completion, the development will be completely rebuilt and is due to complete construction in the summer of 2024. The Eiffage Group has agreed to take a long-termlease of the whole building.
In the heart of "new" Saint-Ouen, between the Docks and the Victor Hugo neighbourhood, La Distillerie is an ambitious project. The aim is to develop an office campus combining the highest environmental and technical standards whilst conserving the historic facade of the former Ricqlès distillery, an emblem of the city’s industrial past.
Designed by B&B Architecture, La Distillerie plans to retain the imposing historic red brick façade on Boulevard Victor Hugo which is typical of 1930s industrial buildings. The property intends to provide generous floor plates exceeding 2,000 square metres, a double height lobby which comprises two buildings connected by a garden level devoted to numerous amenities including concierge services, a fitness room, restaurant space, a business center and an auditorium. The campus aims to offer its occupants 1,500 square metres of green space and terraces, including an 800 square metre rooftop shielded from the hustle and bustle of the city, four courtyards, a garden, capacity for 1,300 workstations, 100 parking spaces and bicycle racks.
La Distillerie is Hines’ first green loan project in France and intends to target the highest ESG criteria aiming to achieve BBCA Excellent, BREEAM Excellent, NF HQE Excellent and E+C- level E2C2 certifications. Hines believes this will be a first for a building of this size with a concrete structure. Additionally, 90% of the demolition materials will be reused either on site or off site with bricks from the old building being recycled to construct the new façade. Once operational, 80% of heating and cooling will utilise a geothermal system to help with decarbonisation. This will be coupled with radiant panels and a working temperature range which favours geo-cooling. This set-up will provide CO2 savings of 41% on heating and cooling compared to the use of standard district heating1. The building will also pursue WiredScore Gold certification for user comfort.
The construction works are being carried out by Eiffage Construction and commenced in April 2022. Hines France will be responsible for overseeing the transaction pending future completion and the subsequent asset management of La Distillerie.
Xavier Musseau, country head of Hines in France, commented: “Following our recent acquisition of La Manufacture, we are investing once again in the northern area of Paris. The design of La Distillerie corresponds very closely to our ESG criteria and, upon completion, it aims to be one of the first buildings to comply with RE2020 regulations. In terms of the workforce, the building plans to provide users with a unique working environment, dedicated to their professional and personal comfort. We are pleased that the property will be occupied by different entities of Eiffage as the group stands out for its forward-thinking ways of developing generous and bright workspaces.”
1 Compagnie Parisienne de chauffage urbain aka Parisian disrict heating company
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 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 17 cities as well as a presence in 60 cities in 14 countries. Hines oversees investment assets under management valued at approximately €24.5 billion and provides third-party property-level services totaling 4.3 million square meters in Europe.
Visit www.hines.com for more information.
1. Includes both the global Hines organization as well as RIA AUM as of 31 December 2021.