It's a deal that market players were talking about in the aisles of the Mipim trade fair in Cannes, back in March. The sale of a prominent Paris mixed-use property, which analysts said was supposed to "cheer them up" in a gloomy climate, was finalized July 16, according to Business Immo sources.
Roka, the investment and asset management company founded by Nicolas Marin, officially acquired 153 Faubourg-Saint-Honoré in the 8th arrondissement of Paris, a few months after signing for 3 rue Chauveau-Lagarde, as its managing partner confirmed: "For us, this is a structuring transaction for the future and for our international investors."
And with good reason: Roka was not alone in this. Pimco Prime Real Estate, which acted on behalf of CBRE and BNP Paribas Real Estate, was expecting €52 million for this 4,700-square-meter mixed-use asset (20% residential, 80% retail). It reportedly received almost 25 offers. Hence the frenzy on the Croisette at Mipim as the winter drew to a close.
According to sources, Roka paid slightly more than €60 million to win the bid; an amount not confirmed by Marin, who declined to divulge the financial details of the transaction. However, he did point out the "intrinsic qualities of the asset": a corner building, opposite Lazard's headquarters, positioned in the heart of the central business district "with 550-square-meter floorplates, offering an excellent user experience."
Another feature of 153 Faubourg-Saint-Honoré, which rises nine stories and has three levels of support infrastructure, is its 500 square meters of terraces. Obtaining the best environmental certifications is already on Roka's roadmap, which acted as an investor alongside a private club of buyers.
This is the fifth signature deal of Roka, which has already positioned itself elsewhere in Paris on thoroughfares such as Rue des Archives, Rue de Turbigo and Rue Chauveau-Lagarde. Marin said he is more than ever attracted by office and mixed-use properties in Paris "ranging in size from 1,500 to 7,000 square meters," as well as a variety of hotel properties, both operationally and in real estate investment.
"Frankly, we're delighted to have finalized this transaction in such a complicated context," Marin said. "Among other things, it testifies to the confidence our investors and banking partners have in our reading of the market." He added: "I continue to believe that the time is right for a structure like ours."
For the Faubourg-Saint-Honoré deal, Roka was advised by Screeb Notaires (Damien Mancel) and CBRE (Jean-Carl Vildier).