Coeur Défense: sale of the Europe largest single office block

Unibail and Whitehall Funds have sold Coeur Defense in Paris, Europe's largest single office block, to Lehman Brothers Real Estate Partners and French property company Atemi for a total of 2.11 bln eur. This amount makes it the largest single office asset transaction in Europe in 2006. It also has a record high yield: generating 102.3 mln eur rent yearly, Coeur Défense has a net yield of 4.8%. The asset is a record in terms of valuation as well: in just three years and without any renovation expenditures its value increased by 56%. It also seems that the deal has been made at a record speed, just 10 days (according to Businessimmo).

Unibail and Whitehall respectively owned 51 %and 49 %of the building.
It appears that Unibail records an accounting profit of 226 mln eur, having invested 158.7 mln eur equity in the project.

The transaction shows the emergence of a new important actor on the European scene, Lehman Brothers Real Estate Partner that operates in France via Atemi.

Sources: Forbes.com, Businessimmo.info

"Nuage de verre" de Louis Vuitton

La Fondation Louis Vuitton, projet présenté le 2 octobre 2006, prendra la forme d’un nuage de verre et s’étendra sur 4.300 mètres carrés.

Le projet sera réalisé dans le Jardin d’Acclimatation, jardin de la Ville de Paris concédé à LVMH (bois de Boulogne). Ce nouvel établissement dédié à l'art et à la création sera ouvert par le groupe LVMH en 2010. Le bâtiment sera conçu par le célèbre architecte Frank Gehry.

L'idée d'une fondation chatouillait les dirigeants de LVMH, Bernard Arnault en tête, depuis une quinzaine d'années. Le bois de Boulogne semblait tout indiqué puisque le leader mondial du luxe y gère le Jardin d'acclimatation. Les conditions n'étaient toutefois pas réunies, jusqu'à ce que, notamment, le bowling ferme et offre l'opportunité d'un terrain disponible.


Le projet de la Fondation Louis Vuitton est construit autour d’une grande ambition. Faire découvrir l’art du XXe et du XXIe siècle mais aussi les grands maîtres du passé au plus large public, à travers des expositions présentant des œuvres significatives. Cette approche sera complétée par d’autres médiations (centre d’étude et de documentation, programmes pédagogiques novateurs) ; une politique originale de commandes aux artistes contribuera à la singularité propre du lieu.

L'histoire de l'évolution du projet, du croquis initial jusqu'à la version finale, sera racontée, notamment en maquettes, lors d'une exposition au pavillon de l'Arsenal au début de l'année prochaine.

Sources: Batiactu.fr, tendancehightech.com, mairie16.paris.fr, Le Figaro

Most impressive scyscraper projects at MIPIM 2007

by materials from www.europe-re.com

Five of the most grandiose skyscraper projects on the international real estate market will be exhibited at MIPIM, to be held in Cannes from 13 to 16 March 2007.

New York

The U.S. World Trade Center Association will showcase the New York Freedom Tower, the highest and most symbolic of the four buildings on the Ground Zero site that are replacing the twin towers destroyed in the 2001 attack. This Statue of Liberty meets the new security requirements introduced by anti-terrorist measures, but still holds its flame to the sky 541 metres, (1,776 feet) above the ground, the latter figure a reference to the year the United States achieved independence. In addition to its size, the architects are celebrating the memory of those who disappeared by a combination of space and light, positioning the buildings around the sites of the former towers so they will be free from any building, and bathed in sunlight every September 11 at the exact time of the attacks.

Dubai

This project will become the tallest tower in the world at between 700 and 800 metres high. The tower's geometry is inspired by the region’s cultural influences, especially the base, which represents the petals of a desert flower.

Moscow

The Russian group Mirax will unveil its ‘Federation Business Complex’ in Moscow’s new business district, breaking a European height record with its 448 metre Federation Tower. Chosen from forty projects submitted by the world’s finest architecture practices, the structure has been designed for both high quality offices and luxury apartments, together with an international hotel, conference rooms, shops, restaurants and local services.

click here to learn more

Warsaw

The Zlota 44 tower, due to become the highest building in Poland at 192 metres, is the architect’s first project in his country of origin, while his prestigious work around the world is already influencing a new generation of architects and decision-makers in urban development. Daniel Libeskind is providing the city centre of the Polish capital with 251 residences of unprecedented luxury.

Paris

The new "Tour Phare" at La Défense shall break Paris height records. The project to be presented at MIPIM 2007 goes well beyond the demands of the EPAD charter for sustainable development, using natural ventilation through the building’s façade, and windmills on the summit.

click here to learn more

Unibail shall challenge the Eiffel tower in La Défense

Unibail will construct a new high-rise building in La Défense (Paris). The jury chose Thom Mayne (Morphosis), 2005 Pritzker prize winner, as the project’s architect.
Thom Mayne, completing his first project in France, conceived a truly innovative project and broke with the architecture of the business district.



A project that sees itself both as an " icon in Paris" (an opportunity to reclaim a difficult site—in particular the project includes a joining pavilion between the tower and CNIT) and a response to environmental concerns. The Phare tower will be surrounded by a double “skin” and will have a wind park on the roof that will maximize the energy efficiency of the building. The tower is almost as high as the Eiffel Tower – 300 m² with a total area of 130 000 m² (average “tour” at La Défense has only 30 000 m²).