Edmond de Rothschild REIM: Debt fund finances Paris project development

Edmond de Rothschild REIM's European Real Estate Debt Fund is providing mezzanine financing for the acquisition and conversion of a former Renault car dealership on the banks of the Seine in Paris' 15th arrondissement. The property is located 650 meters from the Eiffel Tower and will be converted into a residential building. Project developer Capelli and co-developer Imm'Extenso purchased the property following a tender process hosted by the seller Renault and the City of Paris.

The project is part of the Réinventer Paris 3 program; the plan is to convert the existing commercial building into a residential building with a total area of 7,310 sqm with the highest energy standards. Two-thirds of the space is earmarked for private and social housing and one-third for a school on the ground floor and first floor. The conversion is scheduled for completion in 2024. In the process, the seven-story existing building is also to receive a superstructure that will offer a panoramic view of the Eiffel Tower, the Seine River and the city of Paris. (ah)