Acquisition of core Lyon office property
AXA Investment Managers - Real Assets completes acquisition of core Lyon office property from LaSalle Investment Management
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed, on behalf of a flagship core fund, the acquisition of CityOne, a core office property in Cité Internationale, a leading business district in Lyon, France, from LaSalle Investment Management.
CityOne comprises two identical eight storey buildings on the bank of the Rhône river, which are independently accessed and operated. Built in 2004 and designed by the renowned Renzo Piano Building Workshop, the properties provide 17,170 sqm of office space that is almost fully let to 21 tenants, as well as two ground floor retail units. The tenancy provides both diversity and resiliency of income, with three anchor tenants demonstrating strong covenants. The scheme holds a BREEAM ‘Very Good’ rating for its sustainability credentials and has an 81-space underground carpark as well as roof terraces for tenant use on the top floors.
Lyon is the country’s best performing office market after Paris, accounting for some 40% of investment volumes outside of the capital and enjoying high levels of growth as more companies choose to relocate there. CityOne’s location in the Cité Internationale sub-market positions it in one of the most sought-after commercial areas of Lyon, benefitting from its good transport connections and pleasant surrounding environment, drawing a diverse mix of occupiers. CityOne is adjacent to Lyon’s Parc de la Tête d’Or, which provides a significant amount of green space for the building’s occupiers to enjoy. There are also a wide selection of retail, leisure and cultural amenities on offer in the vicinity.
John O’Driscoll, European Head of Transactions at AXA IM - Real Assets, commented: “This acquisition is a rare opportunity to invest in a prime office property within Cité Internationale, an in-demand office destination in the largest regional market in France. This purchase of CityOne is directly in line with our strategy of investing in core assets in first class locations that aim to provide highly visible and secure income streams.”
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1 Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management
AXA Investment Managers - Real Assets
Charline Coué, Media Relations Manager
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Note to editors
AXA Investment Managers is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €759 billion(1) in assets under management as at end of June 2018, AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries.
AXA Investment Managers - Real Assets has €77 billion in assets under management, including €58.6 billion in direct property & infrastructure and €14.8 billion in real asset finance as of end of June 2018(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise over 600 people in 14 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2018 in terms of assets under management
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