US-headquartered HIG Capital has acquired an office project in Lyon, France via one of its affiliates.
Financial details were not disclosed.
The office complex, totalling around 29,000 m2, is expected to be delivered in March 2021 and has already been 70% pre-let to an A-rated French corporate tenant on a long-term basis.
Riccardo Dallolio, managing director and Head of HIG Realty Partners Europe, commented: 'Our focus in France is on high delivering quality assets with strong tenants that have the potential of becoming highly liquid institutional product as the result of the envisaged value-add initiatives.'
HIG has been pursuing both equity and debt investments across Europe in recent months, with a particular focus on its target market of value-added small and midcap opportunities.
Mihai Gavriloiu, principal at HIG Europe Realty Partners in London, added: 'France represents an important part of our European strategy and we continue to seek additional small and mid-cap, value-add, investment opportunities to increase HIG's presence in this market.
'Lyon, the second economic centre after Paris, currently has very strong growth prospects which will benefit this project.'