French listed property firm Foncière des Régions said on Tuesday that it is joining forces with Assurances du Crédit Mutuel on two major standing assets and a redevelopment programme in Lyon.
Under the deal, whose details were not disclosed, Foncière des Régions will sell a 49.1% of the Silex1 and Silex2 buildings located in Lyon's Part-Dieu district while retaining a majority share of 50.1%.
The sale will help FdR finance a major redevelopment programme for Silex2, the former EDF tower. The company has announced plans to invest €166 mln to redevelop and extend the asset with a further 15,600 m2. Work will begin by the end of the year with delivery scheduled for late 2020.
FdR has owned the plot of land where the Silex assets are built since 2001. In 2014, it decided to embark upon an ambitious regeneration programme which included the demolition and reconstruction of a 10,700 m2 office building - Silex1 - which was eventually delivered in early 2017. The asset is currently fully leased to BNP Paribas, Nextdoor and Axxes.
Silex2, offering 30,900 m2, will be redeveloped and extended to provide a company restaurant, cafeteria, convenience store, a 140-seat auditorium, a wellness area and, on the ground floor, 300 m2 of commercial area.
The company is in talks with several potential occupiers for the scheme, which is being marketed by BNP Paribas RE, CBRE and Cushman & Wakefield.
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29 November 2017
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