Paris, Wednesday, 21 September 2022
The 13,610m2 La Distillerie, an Art Deco structure that was previously a mint liqueur distillery, was purchased by Hines on behalf of the South Korean investor Hana Securities, represented by Vestas Investment Management, in Saint-Ouen, a suburb of Paris. The development will be entirely reconstructed as per a VEFA agreement, with the sale subject to future completion. Construction is expected to be finished in the summer of 2024. The Eiffage Group has consented to lease the entire structure for an extended period of time.
La Distillerie is a large-scale endeavour located in the centre of "new" Saint-Ouen, between the Docks and the Victor Hugo neighbourhood. The objective is to create an office campus that combines the greatest environmental and technological requirements while preserving the former Ricqlès distillery's historic exterior, a reminder of the city's industrial heritage.
La Distillerie, a building designed by B&B Architecture, intends to keep the imposing historic red brick façade on Boulevard Victor Hugo, which is typical of industrial structures from the 1930s. The project will have wide floor plans with an area of more than 2,000 m2, a double-height lobby with two buildings joined by a garden level, and a range of amenities like concierge services, a fitness facility, dining areas, a business centre, and an auditorium. The campus will have 1,500m2 of green space and terraces available to residents, including an 800m2 rooftop sheltered from city noise, four courtyards, a garden, 1,300 workstations, 100 parking places, and bike racks.
La Distillerie is Hines' first green loan project in France. It aims to meet the strictest ESG standards and certifications for BBCA Excellent, BREEAM Excellent, NF HQE Excellent, and E+C- level E2C2. For a building of this size with a concrete construction, according to Hines, this will be a first. Bricks from the old building will be repurposed to build the new façade, and 90% of the demolition materials will be utilised on or off site. Once in operation, a geothermal system will be used for 80% of heating and cooling to aid with decarbonization.
This will be combined with radiant heating and cooling panels and an optimal working temperature range for geo-cooling. When compared to using conventional district heating, this arrangement will reduce CO2 emissions from heating and cooling by 41%1. Additionally, the structure will work to achieve WiredScore Gold accreditation for user comfort. Eiffage Construction started the construction projects in April 2022, and they are now being completed. The management of La Distillerie's assets after the deal is complete will be the responsibility of Hines France.
In a statement, Xavier Musseau, country head of Hines in France, said: “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.”
(Report by: Andre Peppin, The Decision Maker)