The Abu Dhabi Investment Authority (ADIA) is in negotiations to acquire four commercial buildings in Paris and Lyon.
The Abu Dhabi Investment Authority (ADIA) is in negotiations to acquire four commercial buildings in Paris and Lyon.
Adia is buying the assets from Docks Lyonnais, a subsidiary of the wealth management division of Swiss bank UBS, for a total of €750 mln, according to a report in French newspaper Le Figaro.
The portfolio includes an office building at 6-8 Boulevard Haussmann in Paris, leased to Banque publique d'investissement; le Capitole, a 65,000 m2 multi-let scheme in Nanterre as well as a business park in Antony, in the southern suburbs of Paris, and some retail units in Lyon's Grolée district.
UBS Asset Management is believed to be looking for a quick sale as the funds that own Docks Lyonnais are due for termination at the end of the year.
The acquisition would be the third real estate deal by the sovereign wealth fund in France, following the purchase at end-2012 of a portfolio of offices in Lyon for €310 mln and the acquisition of an office building at Boulevard Pasteur in Paris for €252 mln.
In November 2012, the fund also concluded the largest multi-let asset trade in Belgium since 2008 with the purchase of the Zuiderpoort complex in Ghent, Belgium for around €110 mln. The deal is understood to reflect a yield of 10%.
The 63,000-m2 multi-let property was acquired in 2006 by Icelandic bank SJ1 for €163 mln.
