Hines, acting on behalf of the South Korean investor, Hana Securities represented by Vestas Investment Management, has acquired the 13,610m², La Distillerie, an Art Deco building formerly a mint alcohol distillery, located in Saint-Ouen in the northern suburbs of Paris. Under a VEFA agreement, with the sale pending future completion, the development will be completely rebuilt and is due to complete construction in the summer of 2024. The Eiffage Group has agreed to take a long-termlease of the whole building.
In the heart of “new” Saint-Ouen, between the Docks and the Victor Hugo neighbourhood, La Distillerie is an ambitious project. The aim is to develop an office campus combining the highest environmental and technical standards whilst conserving the historic facade of the former Ricqlès distillery, an emblem of the city’s industrial past.
Designed by B&B Architecture, La Distillerie plans to retain the imposing historic red brick façade on Boulevard Victor Hugo which is typical of 1930s industrial buildings. The property intends to provide generous floor plates exceeding 2,000m², a double height lobby which comprises two buildings connected by a garden level devoted to numerous amenities including concierge services, a fitness room, restaurant space, a business center and an auditorium. The campus aims to offer its occupants 1,500m² of green space and terraces, including an 800m² rooftop shielded from the hustle and bustle of the city, four courtyards, a garden, capacity for 1,300 workstations, 100 parking spaces and bicycle racks.
La Distillerie is Hines’ first green loan project in France and intends to target the highest ESG criteria aiming to achieve BBCA Excellent, BREEAM Excellent, NF HQE Excellent and E+C- level E2C2 certifications. Hines believes this will be a first for a building of this size with a concrete structure. Additionally, 90% of the demolition materials will be reused either on site or off site with bricks from the old building being recycled to construct the new façade. Once operational, 80% of heating and cooling will utilise a geothermal system to help with decarbonisation. This will be coupled with radiant panels and a working temperature range which favours geo-cooling. This set-up will provide CO2 savings of 41% on heating and cooling compared to the use of standard district heating1. The building will also pursue WiredScore Gold certification for user comfort. The construction works are being carried out by Eiffage Construction and commenced in April 2022. Hines France will be responsible for overseeing the transaction pending future completion and the subsequent asset management of La Distillerie.
Xavier Musseau, country head of Hines in France, commented: “Following our recent acquisition of La Manufacture, we are investing once again in the northern area of Paris. The design of La Distillerie corresponds very closely to our ESG criteria and, upon completion, it aims to be one of the first buildings to comply with RE2020 regulations. In terms of the workforce, the building plans to provide users with a unique working environment, dedicated to their professional and personal comfort. We are pleased that the property will be occupied by different entities of Eiffage as the group stands out for its forward-thinking ways of developing generous and bright workspaces.”