CCP 5, a ‘Long-Life’ fund managed by European real estate investment manager Tristan Capital Partners, has acquired a 13,000 m2 office property in the French city of Lyon from Amundi Immobilier for around €43 mln.
CCP 5 has partnered with Aquila Asset Management for this project.
The building, built in 2008, is located in the Confluence district in front of the second biggest shopping centre in Lyon, which opened in 2012 and attracts around 8 million visitors a year. The main tenant of the office complex is French energy company Engie.
'Lyon’s office market is in very tight supply, with the vacancy rate running at around a low of 2%,' said Cecile Champy, executive director at Tristan Capital Partners. 'The market’s strong fundamentals are expected to continue as robust demand is being met by limited planned future development. We also look forward to expanding our footprint in the French market not only through office exposure to provinces, but also in office, retail, logistics and mixed-use schemes in Ile de France for our core plus and value-add/opportunistic funds.'
Jones Lang Lasalle and Sorovim were appointed to sell the asset, Amundi Immobilier, which was acting on behalf of its retail funds, was advised by Thibierge and CCP5 was advised by Oudot and Allen&Overy.
