Paris, France — Ivanhoé Cambridge has acquired a 4,000 m² (43,055 ft2) real estate complex located on Boulevard Voltaire, in the heart of Paris’s 11th arrondissement, consisting of a residential building, a former industrial space and a private interior street.
The asset will be completely restored and restructured to provide a haven of peace in the heart of Paris. Ivanhoé Cambridge has entrusted Assembly with the redevelopment, as part of a close partnership.
Close to the Bastille and République transit hubs, the buildings combine the refinement of Haussmann-style architecture with the raw charm of a former urban industrial workspace. A private pedestrian walkway accessible from Boulevard Voltaire unites the whole complex around a veritable island of greenery and calm.
The newly redeveloped mixed-use complex, scheduled for completion by late 2023, will offer a combination of high-end lofts, multi-purpose workspaces with the best certifications (BREAAM “Very Good,” WiredScore Silver and WELL), and shops directly overlooking Boulevard Voltaire. Its exceptional location in this Parisian district, which is very popular with new-economy players and young executives, will provide an ideal living and working environment.
“This acquisition is an off-market opportunity that we were able to seize at the height of the COVID-19 crisis, and which demonstrates our agility and determination to follow our convictions,” says Karim Habra, Executive Vice President, Head of Europe and Asia-Pacific, Ivanhoé Cambridge. “This exceptional asset perfectly complements our Paris portfolio, and its redevelopment is further testament to Ivanhoe Cambridge’s commitment to revitalizing neighbourhoods around mixed-use projects adapted to new uses.”
While awaiting the start of work, Ivanhoe Cambridge has joined forces with Plateau Urbain—a temporary-use cooperative that brings together owners of vacant spaces in the city with a diversity of tenants—to make the vacant premises available to cultural, associative and social-economy players.
Ivanhoé Cambridge and Assembly were advised in this acquisition by C&C Notaires, DLA Piper and the teams of BNP Paribas Real Estate.