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Covivio buys building project in Greater Paris for €121M

French real estate investment trust Covivio paid €121 million, exclusive of fees, for its off-plan acquisition of a building project in Greater Paris from Axa Investment Managers - Real Assets, which acted on behalf of its clients.

The IRO building in the Malakoff-Montrouge-Châtillon business district will include 25,600 square meters of floor area across 5 levels, 3,500 square meters of terraces and gardens, a business restaurant, a coffee shop, as well as 380 parking spaces.

Developer Marignan began construction on the project in May, with completion planned in early 2020, according to a release. The building will be certified with industry standards like the Building Research Establishment Environmental Assessment Method, or BREEAM Excellent, NF HQE Very Good, WiredScore Gold and BiodiverCity, Covivio added.