Deutsche Hypothekenbank is financing the development of a sustainable office property in the Paris suburb of Saint Denis purchased by a joint-venture between L’Etoile Properties and an established US investor. Asset and property management will be handled by L’Etoile Properties. The financing is made available over a term of four years.
The eight-storey office building with a total rental space of 9,414 square meters will be built using a solid wood construction method. Completion is scheduled for August 2020. In addition to the office space, the property will have 1,200 square meters of balcony and terrace space as well as 500 square meters of garden space. Several Green Building certificates are being planned. The building is being constructed in the immediate vicinity of the new Condorcet University, the largest university for social sciences in Europe.
“We are pleased to be able to accompany L’Etoile Properties in the project development of this extraordinary property in our target market of France”, explains Sabine Barthauer, Member of the Board of Managing Directors of Deutsche Hypo. “The financing property captivates with its particularly sustainable construction method and is also centrally located in the up-and-coming office location Saint Denis near Paris.”