PRIVATE AND CONFIDENTIAL

Office Kennedy

Paris, France

September 2021

PRIVATE AND CONFIDENTIAL

Property Photos

Office Kennedy (the "Property") is a c.10k square meter office building located in the 16th arrondissement, a submarket in Central

Paris. The Property is well positioned on the banks of the Seine, south of the Central Business District.

Passy Kennedy

22.7k sqm / 278 parking units)

Residential Units

Office Kennedy

c. 10k sqm / 62 parking units

Platform owned by Foncia 1.5k sqm / 28 parking units

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PRIVATE AND CONFIDENTIAL

Property Aerial

The Property is situated in a prominent position on the bank of the river Seine in the heart of the 16th arrondissement with iconic views of the Seine. This freehold site represents a rare opportunity to acquire the property adjacent to Passy Kennedy.

Tour

Montparnasse

Passy Kennedy

Beaugrenelle

Shopping

Centre

Office Kennedy

Radio France

Headquarters

RER C Station

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PRIVATE AND CONFIDENTIAL

Executive Summary

VITURA signed Office Kennedy's purchase agreement, a c. 10k square meter office building located in the heart of the 16th arrondissement of

Paris. The asset is situated immediately adjacent to Passy Kennedy which was acquired by VITURA in December 2018.

  • Office Kennedy is a c.10k square meter freehold office building located in the heart of the 16th arrondissement of Paris.
  • The asset is located immediately adjacent to the RER C station and walking distance from metro stations serving lines 6, 9,10 and bus line 72 providing excellent connectivity.
  • The Property is currently 100% occupied by Radio France, a French public radio broadcaster, on a 2.5-year unexpired lease term before first tenant break option. Radio France is also an anchor tenant at Passy Kennedy.
  • VITURA is purchasing the property for an all-in cost of €97 million which reflects a capital value of c. €9,800 per square meter and c. 4.5% yield comparing very favourably to Central Paris average transactions.
  • Paris Central Business District ("CBD") market fundamentals driven by limited availability of grade A office space continue to support both income (prime rents growing by 10% since 2018 to €930 per square meter post pandemic) and capital value growth (with average capital values for prime office of €25,400 per square meter).
  • When the tenant will vacate the property, our objective is to improve the positioning of Office Kennedy by means of a capex plan covering a full floor and M&E reinstatement as well as a complete upgrade of the current façade, improving the sustainability of the property.
  • We believe there are potential synergies owning both Passy Kennedy and Office Kennedy, including sharing restaurants and meeting space, creating a prominent entrance / lobby on avenue Kennedy and improving the office efficiency.
  • Following Office Kennedy's acquisition, VITURA's portfolio will grow to c. €1,555 million with 25% of the value located in Central Paris.

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PRIVATE AND CONFIDENTIAL

Basis & Yield Comparison

Office Kennedy underwriting assumptions have compared favourably to recent market comparable transactions.

Basis Comparison (€ Per Square Meter)

Yield Comparison (%)

€25,400

€12,600

€9,800

5.5%

3.3%

0.2%

Office Kennedy

Comparable

Prime Central

10-year

Average Refurbished

Office Kennedy

All-In Cost

Transactions

Business District

Goverment Bond

Office Comps Yield

Stabilized

Yield on Cost

Source: BNP Real Estate, CBRE, Banque de France.

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Disclaimer

Vitura SA published this content on 14 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2021 08:41:08 UTC.