French property developer Bouygues Immobilier said that it has completed the acquisition of Urbiparc, a Grenoble-based commercial real estate development company. The financial details of the transaction were not disclosed.

French property developer Bouygues Immobilier said that it has completed the acquisition of Urbiparc, a Grenoble-based commercial real estate development company. The financial details of the transaction were not disclosed.

Founded by Michel Ferrier, Urbiparc has over 30 years of experience in commercial real estate development. The company, which introduced the Miniparc business concept in France, focuses on the construction of business parks as well as the development of business premises on behalf of major industrial groups such as Schneider, ST Microelectronics, Sanofi, and Thomson.

Recently, Urbiparc introduced a new business park concept, named Ecospace, which focuses on building sustainable parks. Following the acquisition, Urbiparc will retain its name and will continue to be led by Michel Ferrier.

'The purchase allows Bouygues to strengthen further its position in the business park segment,' the company said in a statement.

The transaction is similar to other acquisitions carried out by Bouygues in the past years, such as the purchase of Société Lyonnaise de Construction in 2004, Blanc et Cie in 2007, and Urbis in 2008. 'Bouygues Immobilier continues to seek growth through external acquisitions focused on local high-quality developers,' said François Bertière, president of Bouygues Immobilier.