Primonial REIM acquires a real estate portfolio of 14 350 m2 of housing, retails and offices in Lyon
Primonial REIM announces that it has completed the acquisition, on Tuesday 17 September, of a real estate portfolio composed of 7 mixed assets on rue de la République in the 1st and 2nd arrondissements of Lyon for an amount of approximately 85 million euros from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
In this transaction, Primonial REIM acted on behalf of a "club deal" bringing together one of its funds as well as an institutional investor, COMPAGNIE FONCIERE LYONNAISE, the Crédit Agricole Center Est's real estate subsidiary, already heavily invested in the metropolis of Lyon and that is a major partner in this investment.
With a total surface area of 14,350 m2, the property complex of 7 mixed-use buildings with 115 lots consists of 67 housing units (4,526 m2), 25 shops (4,790 m2) and 23 office spaces (5,034 m2) and has an occupancy rate of 96%.
The assets are all located on Rue de La République, which is Lyon's main shopping street, and are in the immediate proximity of the Opera House, the Town Hall and the Stock Exchange on the Peninsula between the Cordeliers district and the Croix Rousse hill.
Grégory Frapet, Chairman of the Management Board of Primonial REIM, declared: “As part of our strong growth, we are proud of this major acquisition of a mixed real estate portfolio of housing, shops and offices in the emblematic street of Lyon, formerly "Imperial" street. This illustrates the strategy of Primonial REIM to invest, in a patrimonial perspective on behalf of its institutional clients, in assets located in mature territories, in the heart of the city, real places of life, work and destination for inhabitants and users.”
In this transaction, Primonial REIM was advised by eRE for the Advisory aspect, Fairway for the legal aspect, Cheuvreux for the notarial aspect, GR Group for the technical audit, Denjean for the accounting aspect, Fidal for the tax aspect.
The bank financing was structured by ING.
About Primonial REIM
Primonial REIM is a portfolio management company that was authorised by the Autorité des Marchés Financiers (AMF) in 2011. Its purpose is to design and manage a range of investment vehicles that reflect its strong convictions about real-estate markets. Its aim is to make SCPI real-estate funds – investing in office, retail, healthcare/education and residential properties – available to the widest possible audience.
As a portfolio management company, Primonial REIM creates and manages real-estate CIUs for institutional and retail investors. On 10 June 2014, Primonial REIM obtained AIFM (Alternative Investment Fund Manager) authorisation from the AMF, under which it is subject to increased obligations in areas such as reporting, liquidity monitoring and risk management. Its Executive Board consists of Grégory FRAPET, Chairman, Stéphanie LACROIX, CEO and Tristan MAHAUT, Corporate Secretary. www.primonialreim.fr
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