Wereldhave NV, 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.