Hines secures French letting

The US developer says it has pre-let a building under construction which is being developed on behalf of Hines’ European Value Added Fund I.

Hines has managed to let an entire development in Paris on behalf of the Hines European Value Added Fund I.

Prisma Presse, a European magazine publisher, has signed a long-term lease for 23,000 square metres of the Coeur de Seine building, to be renamed the Prisma Building under construction in Gennevilliers, to the northeast of the capital.

When the project is completed in October 2010, Prisma Presse will consolidate more than 1,000 employees from five locations into its new headquarters building.

Hines’ European Value Added Fund I acquired the project from French developer Nexity through a forward funding agreement 2008.

The vehicle was formed in March 2005 to invest across Europe. It has capital commitments of €287 million.