Pramerica Real Estate Investors has acquired two office properties in the French city of Lyon from Invista European Real Estate Trust for a total of EUR 56 mln. The first property is located at Ecully in Lyon and comprises 11,448 m[sup]2[/sup] of office space let to IBM, BASF Agro and Scotts France.
Pramerica Real Estate Investors has acquired two office properties in the French city of Lyon from Invista European Real Estate Trust for a total of EUR 56 mln. The first property is located at Ecully in Lyon and comprises 11,448 m2 of office space let to IBM, BASF Agro and Scotts France.
The second property, located at Villeurbanne in Lyon, comprises 6,372 m2 of office space and is let to Merial SAS.
Tony Smedley, head of European Funds at Invista Real Estate Investment Management, commented: 'These disposals have been made in line with our ongoing fund strategy to realise value from the portfolio where asset management plans for the properties have been satisfied and the letting potential optimised.'
Pramerica, the real estate investment management business of Prudential Financial of the US, had $47.4 bn (EUR 37 bn) in assets under management at end-June this year. Some $8.4 bn (EUR 6.5 bn) were in Europe. Invista Real Estate Investment Management is the largest UK listed real estate fund management group. The group manages both commercial and residential property across the UK and continental Europe, and had a total of £8 bn (EUR 10.2 bn) of assets under management at end-June this year.
