Union Investment has acquired an office development in the Part-Dieu business district of Lyon, France.
The project is a joint development between Icade Promotion and Sogeprom and expected to be completed in Q1 2025.
The acquisition will be added to the holdings of institutional open-ended real estate fund UniInstitutional European Real Estate.
The parties have agreed not to disclose the purchase price.
“We have seized the opportunity to acquire a next-generation office building from two leading developers in one of the tightest letting markets in France. Prime office space is set to become even harder to find here in the future because Lyon Part-Dieu is due to be further developed into a mixed-use district and the authorities will have a focus on providing more residential accommodation” said Martin Schellein, Head of Investment Management Europe at Union Investment.
The former regional headquarters of French grid operator RTE will undergo a comprehensive redevelopment and extension bringing it up to the highest technical and environmental standards. Upon delivery the asset will comprise ca. 13,000 sqm of lettable area across eight upper floors and will offer its future occupants numerous outdoor areas such as an accessible green rooftop, terrasses on all floors and a private garden.
Once the works are completed the building will be compliant with the EU Taxonomy and meet the highest ESG criteria. Certifications and labels will include BBCA, HQE, Ready to OZMOSE and Wired Score.