Fairway advised Aldi France on the real estate aspects of the acquisition, from the Casino group, of 545 Leaderprice stores and 3 warehouses as well as 2 Casino supermarkets, all located in mainland France, for an enterprise value of €717 million. With this agreement, the transferred Leader Price stores will develop under the Aldi banner and will benefit from the commercial dynamics of Aldi France.
Fairway advised Axa Investment Managers – Real Assets in the setting up of a partnership aimed at accelerating the development of the REI Habitat group with the entry of Axa IM – Real Assets in the group’s capital up to 49%.
The objective of this partnership is to accelerate the development of REI Habitat and, at the same time, to invest “sustainably” in the French forest-wood sector. The ambition of the REI Habitat group is now to develop over the next 7 years more than 400,000 sq.m of housing and offices in wood structure on the whole national territory, representing approximately 120,000 cubic meters of French wood, corresponding to a significant increase in activity for the French forest-wood sector. The group’s investments will support the industrial development necessary to structure the sector, and should allow the beginning of the reversal of its trade balance deficit. While forests in France represent 31% of the national territory for 16.9 million hectares, and 440,000 jobs (as many as the automotive sector), the sector’s balance of trade is in deficit by €7 billion. This resource is under-exploited whereas wood currently represents only 6% of the construction of collective housing in France.
The main objective of this partnership is to create a major “made in France”,” says Paul Jarquin, founder and CEO of REI Habitat. It will accelerate the use of local wood in real estate development and support the structuring of the French forest-wood industry. It is an opportunity to build a real social project around forests. »
“We are delighted to announce this partnership with REI Habitat, which demonstrates our commitment to the development of woodland real estate development, with an approach whose objectives we fully share, particularly in terms of responsible forest management, protection and preservation of biodiversity,” said Isabelle Scemama, CEO of AXA IM Real-Assets.
Concerned about the fragility of forest production, amplified by the rapid effects of global warming, the two partners REI Habitat and AXA IM – Real Assets, as well as Fairway and all the players who contributed to the implementation of this partnership, are committed to donating part of the transaction fees in the form of sponsorship to the ” Plantons pour l’avenir ” fund. The purpose of this endowment fund, created and supported by professionals in the sector since 2014, is to support deforestation projects in France for sustainable management, as well as education and research projects as part of its public interest mission to protect the environment.
Fairway advised Monoprix on the sale of a 3,140 sq.m business to Groupama Gan REIM, on behalf of the OPPCI Groupama Gan Retail France. This store located rue de Rennes, in Paris 6th, remains leased to Monoprix on the basis of 9-year firm leases. The transaction amounts to 39 million euros including transfer taxes.
Fairway advised the joint venture formed by Primonial REIM, La Française and EDF invest on the project of acquisition from UNIBAIL-RODAMCO-WESTFIELD of the “Shift” office building, Nestlé’s headquarters in Issy-les-Moulineaux (92). The promise of sale was signed in early October pending final signature in early 2021, after the usual conditions precedent were lifted.
With a surface area of more than 47,000 sq.m spread over 7 floors, the Shift building offers exceptional services and facilities: 4,000 sq.m of efficient floor space, 1,200 sq.m of meeting space, 3,000 sq.m of collaborative space, a “Food Hall” offering a catering service based on different concepts, 1,800 sq.m of private terraces, loggias and balconies accessible on each floor and a 2,600 sq.m green roof terrace including an alternative work space.
Designed in 1990, the building was completely restructured and delivered in February 2020. It was designed by the Arte Charpentier Architectes agency around an open living space offering its occupants a unique comfort and work experience.
The real estate complex benefits from a high visibility thanks to its location on the edge of the “boulevard périphérique” and its double address in Issy-Moulineaux and Paris 15th. Located in the “Croissant Ouest”, an established tertiary sector attracting major international companies, government agencies and local services, the property is perfectly served by public transportation and is also easily accessible by road.
Grégory FRAPET, Chairman of the Executive Board of Primonial REIM, said in the press release : “The Shift building is a remarkable building that meets the best international standards in terms of environmental performance, architectural quality and services offered to users. Through this acquisition, alongside La Française and EDF Invest, Primonial REIM once again demonstrates its ability to source, structure and sign emblematic first-rate transactions on the largest European real estate market and to pursue its development strategy, based on a selective approach to investments that aimed at sustainable returns over the long term. »
Fairway advised Primonial REIM and Pro BTP in their association with in’li (Action Logement group), and MIDI 2i to form a strategic partnership for the acquisition and development of intermediate housing in the most central areas of Grand Paris.
The first phase, already secured and signed on September 30, concerns the acquisition of a portfolio of nine existing buildings representing 330 housing units and three shops located in the heart of Grand Paris (Paris 13, Courbevoie, Montrouge and Sèvres) for a surface area of nearly 23,000 sq.m.
The second phase involves the development of five buildings comprising intermediate housing units,for moderate-income households. These future assets located in Grand Paris (Le Vésinet, Puteaux and Asnières-sur-Seine) will comprise 336 housing units spread over nearly 20,000 sq.m.
Finally, the last phase, which is a continuation of the collaboration between Primonial REIM, in’li PRO BTP and MIDI 2i and initiated by these first two phases, aims to expand the intermediate residential portfolio managed by Primonial REIM. The residences to be developed will be identified by in’li which will ensure the assistance to the owner, they will be validated on the basis of a grid of acquisition criteria defined by Primonial REIM which will ensure the asset and the fund management. In’li will be in charge of the property management of the whole portfolio through its property administration subsidiary, in’li Property Management.
