BauMont and Picture AM buy Square d’Orléans in Paris
BauMont Real Estate Capital and Picture Asset Management have acquired Square d’Orléans, a historic mixed-use property in the 9th arrondissement in Paris, in an off-market transaction. The price has not been disclosed.
“This deal fits perfectly into BauMont’s strategy to create value for its investors by targeting assets located in the best locations and in the most in-demand real estate markets,” said Eric Salmon, partner, BauMont. “The uniqueness of this renovated complex as well as its central location make it sought after for both offices and residential.”
The property, covering approximately 14,000 sq m, includes office spaces and residential units and is listed in France’s Monuments Historiques. The square was built in 1829 by the architect Edward Cresy and is a rare example of the English style in Paris.
Square d’Orléans is also a destination for tourists and literature and music lovers, as Alexandre Dumas, Georges Sand and Frédéric Chopin lived there.
“This off-market deal is the fruit of a year’s work on a real estate asset as emblematic as it is complex,” said Anne Génot, president, Picture AM. “This process demonstrates our commitment to preserving the historical and architectural heritage of Paris, the quality of our projects and the agility of the operational solutions we develop alongside our investors.”
BauMont and Picture AM aim to reposition the asset to make it ESG-compliant, rationalising its uses and rehabilitating all of its parts to make it suitable for the strong demand for quality residential in central Paris.
The project will target “ambitious technical and environmental objectives in line with changing user demand,” the two groups said.
The deal has been financed by Natixis Corporate & Investment Banking. “This deal fits perfectly with our strategy to finance quality assets and support first-rate borrowers,” said Thierry Bernard, global head of real estate and hospitality finance, Natixis CIB.
BauMont is majority owned by M&G Real Estate.
