Cushman & Wakefield Investors (CWI), acting on behalf of a Swedish pension fund, has completed the sale of two mixed office and light industrial assets near the Fench city of Lyon.
Cushman & Wakefield Investors (CWI), acting on behalf of a Swedish pension fund, has completed the sale of two mixed office and light industrial assets near the Fench city of Lyon.
The assets comprising a total of 8,945 m2 were acquired by an open-ended regional fund. The total transaction value was EUR 18 mln, representing a significant premium over current valuation.
The assets, in le Parc Technologique in St Priest, were bought from Bouygues Immobilier in 2008 under a forward purchase agreement.
CWI has reduced the vacancy rate of the assets by 10% over the course of 2010 through active asset management and close relationships with tenants in the regional markets as well as third party advisors/agents. On behalf of the client portfolio, CWI succeeded in bringing in eight new tenants, resulting in over EUR 1mln additional rental income, representing a 22% uplift in rental income.
