Primonial REIMannounces that it has completed the acquisition of a real estate portfolio composed of 7 mixed assets on rue de la République in the 1st and 2nd arrondissements of Lyon for an amount of approximately 85 million euros from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
In this transaction, Primonial REIM acted on behalf of a “club deal” bringing together one of its funds as well as an institutional investor, COMPAGNIE FONCIERE LYONNAISE, the Crédit Agricole Center Est’s real estate subsidiary, already heavily invested in the metropolis of Lyon and that is a major partner in this investment.
With a total surface area of 14,350 m², the property complex of 7 mixed-use buildings with 115 lots consists of 67 housing units (4,526 m²), 25 shops (4,790 m²) and 23 office spaces (5,034 m²) and has an occupancy rate of 96%.
The assets are all located on Rue de La République, which is Lyon’s main shopping street, and are in the immediate proximity of the Opera House, the Town Hall and the Stock Exchange on the Peninsula between the Cordeliers district and the Croix Rousse hill.
Grégory Frapet, Chairman of the Management Board of Primonial REIM, declared: “As part of our strong growth, we are proud of this major acquisition of a mixed real estate portfolio of housing, shops and offices in the emblematic street of Lyon, formerly “Imperial” street. This illustrates the strategy of Primonial REIM to invest, in a long term perspective on behalf of its institutional clients, in assets located in mature territories, in the heart of the city, real places of life, work and destination for inhabitants and users.”
Source : Company