10-12 rue du Parc Royal are situated in the heart of the Marais District in Paris. We were successful in acquiring from the French State these assets, which currently hold the national photographic archives of the country. These archives will be moved to more suitable premises and it is our intention to convert the almost 4,000m2 of habitable space into large residences whilst retaining the historic interest of the buildings’ architecture. In so doing we will be arbitraging the value of office space in this part of the French capital with the value that can be achieved by high specification residential space. Whilst the necessary planning and development authorisation is achieved, we currently enjoy the French State as our tenant through to the end of 2008.