AFFINE (EPA:IML) - Affine converts an office building in Kremlin-Bicêtre into a new lodging concept
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Paris, 14 June 2018, 06:00 p.m.
Affine converts an office building in Kremlin-Bicêtre into a new lodging
Affine has entered into an agreement with Louvre Hotels Group, the 5th largest
hotel group worldwide, for a 12- year fixed-term lease, for the operation of a
new budget lodging product, allowing clients to book beds rather than rooms,
that will offer 238 beds in Kremlin-Bicêtre (94).
This future project will use an office building from Affine's historical
portfolio, which will undergo major restructuring works and a superstructure
extension covering a total floor area of approximately 1,600 sqm. Its location
at Porte d'Italie on the first ring road of Paris offers access to all of the
capital's public transport services: metro, tram, bus and A4 and A6 motorways.
The establishment will comprise 39 dormitory-type rooms, offering two to eight
beds with bathrooms, and all the necessary equipment to guarantee a comfortable
stay: reception desk, automatic digital check-in, breakfast room, laundry room
and a rooftop recreational area. Completion and operation are planned for Q1
This new concept will be operated by Louvre Hotels Group under a brand from the
super low-cost sector, which is still confidential. This offering will
complement that of the neighbouring hotel restaurant Campanile 3 stars,
belonging to the same group. The geographical proximity will provide greater
visibility and improved traffic for the multi-brand hotel place.
This operation witnesses Affine's investment strategy aiming at creating value
with its existing portfolio through better use of space thanks to conversion or
development of property reserves; it also contributes to the rejuvenation of
Affine is a property company specialising in commercial real estate. At the end
of 2017, it directly owned 45 buildings with a total value of EUR579, (excl.
transfer taxes) for a total surface area of 332,400 sqm. The Company owns
office properties (69%), retail properties (23%) and warehouses and industrial
premises (8%). Its assets are distributed more or less equally between Ile-de
France and other regions in France.
Affine is also the major shareholder (49.5%) of Banimmo, a Belgian property
repositioning company with operations in Belgium and France. At the end of
2017, Banimmo had total assets of 14 office and commercial buildings, with a
value of EUR208m (transfer taxes included).
Total Group assets are EUR824m (including transfer taxes).
In 2003, Affine opted for French real estate investment trust (SIIC) status.
Affine's shares are listed on Euronext Paris (Ticker: IML FP/BTTP.PA; ISIN
code: FR0000036105). It is included in the CAC Mid&Small, SIIC and IEIF
indexes. Banimmo is also listed on Euronext.
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ABOUT LOUVRE HOTELS GROUP
Louvre Hotels Group is a major player in the international hotel industry, with
a portfolio now comprising more than 2,600 hotels in 54 countries.
With the historical brands of Louvre Hotels Group, it offers a full range of
1- to 5-star hotels: Première Classe, Kyriad, Kyriad Direct, Campanile, Tulip
Inn, Golden Tulip, Royal Tulip; the five brands of the Sarovar network in
India, the Hôtels et Préférence group, and the Chinese brand Metropolo.
Louvre Hotels Group is a subsidiary of Jin Jiang International Holdings Co.,
Ltd., the 5th largest hotel group worldwide.