Bain Capital Credit’s special situations strategy became “Bain Capital Special Situations” in Fall 2022.
Paris, May 17, 2021 - Bain Capital Credit, LP (“Bain Capital Credit”) and Hemisphere today announced the acquisition of a state of the art commercial real estate project south of Paris from the developer Coffim. The complex, designed by ORY Architecture, will develop 13,700m2 of efficient and environmentally sustainable Grade A offices and shared workspaces in a green and tree-lined space. The building is set to be completed in the third quarter 2023.
The project, in Bagneux, a suburb south of Paris, will transform a derelict building into a 13,700m2 eight-story complex set around gardens, with more than 150 parking spaces and 2,700m2 of gardens and green terraces. Efficient layout will permit an efficient staff density of 1 person per 10m2, higher than the average in Paris. The building will benefit from the innovative Hemisphere Smart Services (H2S), meet the latest technical standards, provide multi-use common spaces to meet modern tenant requirements for flexible working needs and any social distancing restrictions, and will meet top quality sustainability regulations.
“We are pleased to announce our first real estate investment in Paris, which we view as uniquely attractive and scalable,” says Fabio Longo, Managing Director at Bain Capital Credit. “We see great opportunity in the Paris market as it has been historically undersupplied, is the largest office market in Europe and is incredibly resilient, especially relative to other large European metropolitan cities. The project itself will benefit from flexible spaces and layout which will future proof the building. This acquisition complements the substantial portfolio we have built throughout Europe, which we intend to continue to grow through attractive real estate investment opportunities in under-supplied office markets in Europe.”
Hemisphere manages in excess of €1bn of offices in the Paris Region.
Cedric Vallin, CEO of Hemisphere says “We are delighted to complete this acquisition in a new strategic hub of the Paris Region forming part of the Grand Paris project. With a new metro station due to open at the end of 2021 400m away it is well connected. The office space will be best in class with the differentiating factor of Hemisphere Smart Services (H2S). H2S provides the full scope of services in the building whilst not increasing the level of charges or communal areas through digital innovation and flexibility of space.”
Hemisphere and Bain Capital Credit were advised for this acquisition by Gide Loyrette Nouel and A-O Legal Advice; Racine provided tax advice and Attal and Associates were notary.
About Bain Capital Credit
Bain Capital Credit is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities, and real estate special situations. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
About Hemisphere
Hemisphere is an independent real estate investment and asset manager specialising in French commercial (office and logistics) and residential real estate. Hemisphere manages in excess of €1bn of assets in the Paris Region, in both the Value Add and Core/Core+ segments. Hemisphere's alpha is to implement new concepts of workspace, real estate operations and services that best meet the changing needs of occupiers.
