Ivanhoé Cambridge and Natixis reach an equity interest agreement for the DUO project in Paris
Ivanhoé Cambridge, designer, investor and manager of the DUO project, and Natixis announce the signing of an equity interest agreement for Natixis Assurances to take an approximately 50% ownership in the project. Ivanhoé Cambridge continues to provide operations management of the project on behalf of the partners.
Bill Tresham, President of Ivanhoé Cambridge, says: “This agreement finalizes a major new step in our partnership with Natixis. DUO, which is fully leased, exemplifies the development know-how that is a source of such pride for our teams.”
Jean-François Lequoy, Chief Executive Officer for Insurance at Natixis, notes: “Natixis is very proud to become a primary financial partner of DUO, in which we will be not only the tenant but also an investor. This agreement strengthens our partnership with Ivanhoé Cambridge. It also underscores our commitment to be part of an outstanding project that will bring together many teams in a single location, in innovative and connected workspaces that are conducive to teamwork and adapted to the profound transformations that our professions are currently undergoing.”
Ivanhoé Cambridge was advised in this operation by Allen & Overy and Lacourte Raquin Tatar; Natixis was advised by AEW and De Pardieu Brocas Maffei.
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Located at the edge of the vast Paris Rive Gauche project in the 13th arrondissement, the DUO towers (180 metres and 39 storeys for DUO 1 and 122 metres and 29 storeys for DUO 2), designed by Jean Nouvel, will add to the district’s vitality by providing not only close to 90,000 m2 of office space but also a hotel and a “skybar” offering spectacular views of Paris. These two towers will offer innovative, environmentally friendly workspaces as well as spaces open to the public that will encourage encounters and exchanges, including an auditorium, shops, a garden and greenery-filled terraces. Registered under the WELL Building Standard label, DUO demonstrates the willingness to meet the toughest criteria in terms of the comfort, health and well-being of future users. It will achieve outstanding energy performance with LEED® Platinum, HQE® and Effinergie+ certification. In addition, Wired Certification will confirm the project’s connectivity potential and will help establish DUO’s positioning as a pioneer building suited to new ways of working. The project presentation film is available at: http://duo.paris/.
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and real estate companies in select cities around the world. It does so prudently, with a long-term view to generate optimal, risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners and major real estate funds that are leaders in their respective markets. Through subsidiaries and partnerships, Ivanhoé Cambridge holds interests in nearly 800 buildings, primarily in the residential, office, retail and logistics real estate sectors. Ivanhoé Cambridge held approximately C$56 billion in assets as at December 31, 2016. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For more information: ivanhoecambridge.com.
Natixis Assurances devises and manages a comprehensive range of insurance solutions for retail and private-banking clients, professionals, companies, independent professionals, farmers and non-profit organizations. A wholly-owned subsidiary of Natixis, the international corporate, investment, insurance and financial services arm of Groupe BPCE, the second-largest banking group in France, Natixis Assurances distributes personal insurance products (life, estate planning, retirement, death-benefit, dependency and borrower insurance) and non-life-insurance products (auto, home, health, accident & contingency, cellphone, legal protection, non-bank insurance, remote surveillance, professional liability insurance) through the Banque Populaire and Caisse d’Epargne networks. Natixis Assurances, with 1,600 employees in 9 locations in France, has 4.1 million clients.