French bank Crédit Agricole's insurance arm and savings bank Caisse Régionale de Crédit Agricole Centre Est have acquired the Grand Hôtel-Dieu de Lyon complex from developer Eiffage for an undisclosed amount.
French bank Crédit Agricole's insurance arm and savings bank Caisse Régionale de Crédit Agricole Centre Est have acquired the Grand Hôtel-Dieu de Lyon complex from developer Eiffage for an undisclosed amount.
The acquisition will be carried out through a new OPCI investment vehicle.
As part of the deal, the listed building on the Rhône river will be completely redeveloped to offer 51,500 m2 of space including 17,100 m2 of retail and restaurant accommodation, a 13,600 m2 business park, a 143-room luxury hotel, a 2,500 m2 convention centre, 1,000 m2 of residential space and a 3,600 m2 food area.
Under the agreement, Eiffage will carry out all the reconversion work at the complex, set for completion in 2018.
Hotel operator InterContinental has signed an agreement to operate the five-star hotel element.
Crédit Agricole Assurances and Caisse régionale de Crédit Agricole Centre Est were advised by Crédit Agricole CIB, De Pardieu Brocas Maffei, Cheuvreux, Orfeo Développement and Financière Scaprim.
Eiffage was advised by Herbert Smith and Ginon. DLA Piper acted for IHG.
