Primonial clinches Lyon assets from Abu Dhabi fund for €85m

French asset manager Primonial REIM has acquired a mixed portfolio of assets in Lyon from the Abu Dhabi Investment Authority for €85 mln.

Comprising 14,350 m2 of housing, retail and offices, the seven assets are located on rue de la République in the 1st and 2nd arrondissements of Lyon. They include 115 lots, namely 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%.

'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,' said Grégory Frapet, chairman of the management board of Primonial REIM.

'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,' Frapet added.

Primonial REIM acted on behalf of a club deal, bringing together one of its funds as well as an institutional investor, Compagnie Fonciere Lyonnaise, Crédit Agricole Center Est's real estate subsidiary, already heavily invested in the metropolis of Lyon.

In the deal, Primonial REIM was advised by eRE on advisory matters, Fairway on legal aspects, Cheuvreux for the notarial aspects, GR Group for the technical audit, Denjean on accounting, and Fidal for matters of tax.

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