France's ERAFP acquires real estate in Lyon through AEW Europe
ERAFP, France’s supplementary civil service pension fund, has made a domestic real estate purchase through AEW Europe.
German fund manager Deka Immobilien sold Le Triangle, an office asset in Lyon.
Its acquisition comes one month after AEW Europe bought an office building in Saint-Denis, on the outskirts of Paris, for ERAFP.
The latest purchase is fully let to six tenants, according to AEW Europe.
Patrizia’s French business sold the building in Saint Denis, near the Stade de France.
Three-quarters of the building is occupied by the French public bio-medicine agency.
ERAFP has also been active in the international real estate market recently, having acquired an office asset in Munich via LaSalle Investment Management last month.
Last year, it bought a retail asset in the UK, a purchase announced not long after Linda Yam, real estate investment executive at ERAFP, told IPE the pension fund was planning to ramp up its real estate activity, targeting a property allocation of 4-6% of total assets for 2015.
In February, ERAFP tendered a €150m mandate for investments in “critical” infrastructure in OECD countries.