Wereldhave to Acquire Paris Office Building for $181 Million

Wereldhave NV (WHA), a Dutch property company with assets in Paris and Dunkirk, agreed to pay about 138 million euros ($181 million) for an office building that will be constructed in the French capital.

The NODA building in the district of Issy-Les-Moulineaux will be developed by BNP Paribas Real Estate and is due to be completed in the third quarter of 2014, Wereldhave said in a statement today. The building will have 22,123 square meters (238,000 square feet) of space and produce a net initial yield of 7.3 percent, said the company, which is based in The Hague.

“There is a healthy demand in the greater Parisian office market from tenants for efficient, energy-conscious and well- located office space larger than 10,000 square meters,” Wereldhave Chief Executive Officer Hans Pars said in the statement.

NODA is part of a project on the Seine river that also includes the VEGA building. It will have seven floors and a staff restaurant, Wereldhave said in the statement. Wereldhave aims to increase the value of its French portfolio to at least 400 million euros, according to the Dutch company’s website.

To contact the reporter on this story: Andrew Blackman on Berlin at ablackman@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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