German fund manager KanAm Grund Group has announced the acquisition of an office building in Lyon, France, for a new fund for institutional investors, the KanAm Grund European Cities KI.
The vehicle, which is targeting an investment volume of around €400 mln over the next eight to 10 years, aims to build a balanced portfolio with a property mix of core and Core+ properties in France, Belgium Luxembourg, Austria, Switzerland, Spain and Great Britain, with possible additions from Scandinavian countries, Poland, Portugal or the Czech Republic.
The fund is aimed at banks, and savings and loans institutions. In terms of asset classes, it will focus on office properties with an addition of approximately 10% retail, hotel, living and logistics.
The Lyon property - known as CEGID52 Quai Paul Sédallian - was acquired from BNP REIM. It consists of six inter-connected office building parts with a total area of 14,172 m2 and is fully let to Cegid SA, a company founded in 1983, which provides worldwide cloud services and management software to private companies and the public sector. The sales price is being kept confidential.