ICAWOOD, the real estate investment fund launched by ICAMAP and Ivanhoé Cambridge, WO2 and BNP PARIBAS have raised €650 million for the acquisition and development of Arboretum.
The delivery of the low-carbon campus project, developing 126,000 sq.m in Nanterre La Défense, is now scheduled for December 2022.
ARBORETUM is a remarkable low-carbon campus project, developing 126,000 sq.m of offices and services, located in the Greater La Défense and in the immediate vicinity of the Nanterre-Université hub. Surrounded by a 25-hectareparkand the banks of river Seine, ARBORETUM is the largest office development project launched in the Ile-de-France region with no pre-letting nor end-investor since Cœur Défense (1997).
With a capacity of 8,000 to 10,000 people, ARBORETUM embodies the post-covid office. It is the largest demonstrator of the protocol developed by WO2promotinghealth and well-being in offices.
The “green loan” non-recourse financing has been coordinated by BNP Paribas, with the participation of Allianz Real Estate on behalf of Allianz investors, AEW and Ostrum AM, mandated by an institutional investor, and a debt fund managed by BNP Paribas Asset Management. The financing covers both acquisition and development costs. It is a major step in the history of real estate financing of projects with no pre-letting nor end-investor, bothin terms of size and ecological commitment.