Praemia REIM France Signs 10-Year Lease With Karavel at Paris 3e Lieu Building

Praemia REIM France has signed a firm 10-year lease with Karavel for the entire 3e Lieu building at 3-5 rue de Metz in Paris's 10th arrondissement, the asset manager announced Sept. 15. The deal covers 3,650 square meters of office and ancillary space and will serve as Karavel's headquarters.

The transaction marks the completion of a repositioning strategy that Praemia REIM France launched when it acquired the building in 2020 on behalf of funds it manages. According to the firm, the lease crystallizes the significant reversionary potential it identified at the time of acquisition.

A Repositioned Asset in a Dynamic Paris Submarket

Since acquiring 3e Lieu in 2020, Praemia REIM France undertook significant asset management work and an ambitious restructuring program. The result is a building that now offers modern, flexible workspaces extending from the basement to the ninth floor, along with a rooftop terrace with panoramic views over Paris.

Occupier amenities include collaborative spaces, communal areas and a fitness room. The building holds HQE Excellent, R2S Ready to Services, OsmoZ and WiredScore certifications, reflecting environmental performance, digital connectivity and workplace well-being standards.

The property is situated near the Grands Boulevards and Place de la République, with access to major Paris transport links — a location Praemia REIM France describes as central to a particularly dynamic district that is highly attractive to businesses.

Karavel to Establish Headquarters at 3e Lieu

Karavel, a French specialist in online holiday sales, will occupy the full building under the firm 10-year lease, establishing its headquarters there. The single-tenant arrangement brings the building to 100% occupancy across all floors.

Value-Add Strategy Reaches Its Business Plan

Praemia REIM France's approach to 3e Lieu follows a value-add pattern: acquiring an asset with repositioning potential, investing capital to improve flexibility, environmental performance and amenity offerings, and then securing a long-term lease with a corporate tenant to capture rental reversion.

"We are delighted to welcome Karavel to this building, which illustrates the expertise of Praemia's teams in repositioning and redeveloping assets. This lease marks the completion and demonstrates the relevance of the value-creation strategy we have pursued since acquiring this building: enhancing the flexibility and efficiency of the spaces, improving environmental performance, enhancing the historic architecture and the overall desirability of the location," said Charles Ragons, Managing Director of the Real Estate Division at Praemia REIM France.

About Praemia REIM

The Praemia REIM group manages more than €33 billion in assets under management across a portfolio of more than 1,700 properties in 12 countries. Its portfolio comprises 63% alternative assets — including healthcare, hospitality and residential — and 37% commercial assets, including offices and retail. The group employs 450 people covering the full real estate value chain.

Sources:
Praemia REIM France Press Release (PDF)
Praemia REIM France — 3e Lieu Announcement