8 November 2023
New acquisition by MIMCO AM of an office building to be repositioned in the 13th arrondissement of Paris, in partnership with ATHMOS Partners
Published
08/11/2023

MIMCO AM has structured a club deal in collaboration with ATHMOS Partners for the acquisition of a repositioned office building located on Rue des Reculettes in the 13th arrondissement of Paris.


Completely independent and co-owned within a real estate complex where other buildings are used for residential purposes, the building boasts an excellent location and excellent access to public transportation, right on the border of the 5th arrondissement, within a vibrant neighborhood that appeals to users.


The office building, with approximately 2,500 square meters of usable space spread across 10 levels, was acquired from Swiss Life Asset Manager and is currently 90% leased to 9 tenants. It also offers an attractive immediate yield with its 10 outdoor parking spaces.


"Situated within a mixed-use tertiary and residential hub of reference, the building has strong fundamentals: efficient floor layouts, a healthy rental situation, and panoramic views of Paris from its upper levels."
Olivier Pioch, Director of Investments at MIMCO AM

“The building also enjoys excellent accessibility, at the foot of Place d’Italie, enabling quick connections to the capital’s main hubs. In a challenging market environment, we are delighted to have positioned ourselves with a quality building that offers significant value appreciation potential.”, says Olivier Pioch, Director of Investments at MIMCO AM.


The virtuous goal of the operation is to carry out improvement works, particularly in terms of energy efficiency, to make the building compliant with tertiary decree requirements.


This investment in the building aligns with MIMCO AM’s strategy, which aims to revitalize and transform real estate assets to create long-term value for our partners and investors. In this operation, MIMCO AM will be accompanied by ATHMOS Partners as the operating partner.


“It is with great satisfaction that we formalize our partnership with the MIMCO group through this initial operation. This acquisition represents a unique opportunity to reposition the building by creating modern, sustainable, and attractive workspaces in a strategic location in Paris.”, highlights Thomas Guyot at ATHMOS Partners.


The MIMCO Group plans to structure additional club deals to meet the expectations of its investors.


We extend our gratitude to all our partners in this acquisition: ATHMOS Partners; Herbert Smith Freehills, the buyer’s advisor; Etude Cheuvreux; and Caisse d’Épargne Île-de-France for financing.


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