Fairway advised Primonial REIM on the financing of the acquisition of the Newtime building on behalf of several institutional investors, of which Fairway also worked with Primonial REIM to negotiate and draft the contractual documentation concluded between these investors. The valuation of the Newtime building represents a total amount of € 160 million excluding rights. With a total surface area of more than 15,700 sq.m, this office asset is located in Neuilly-sur-Seine (92).
The Newtime building was completely restructured in 2014. It offers very high-end services in keeping with the new working trends, with very bright trays, full height façades, 5 terraces with outstanding panoramic views as well as new technical equipment and a full range of services.
In addition, the property benefits from a unique location in Neuilly-sur-Seine, an established and successful market among the most appreciated by French and international investors, close to the two largest tertiary centres : La Défense and Paris QCA.
The building has a triple environmental certification: BREEAM Excellent, HQE Excellent and BBC and is rented to prestigious tenants.
Grégory Frapet, Chairman of the Executive Board of Primonial REIM, announced in the press release: ” We are delighted with this acquisition, which is part of our strategy to invest in quality office buildings that meet the standards of the best environmental certifications, within established tertiary areas. Thanks to the asset management expertise of Primonial REIM and in a positive market context, we are expecting in the medium term a potential positive reversion of rents. ”