Cushman & Wakefield Investors (CWI), on behalf of a Swedish pension fund, has completed the sale of two mixed office and light industrial assets, totaling 8,945 m², near Lyon, France to an open-ended regional fund.
The total transaction value was 18.07 million (including registration duties), representing a significant premium over current valuation. The assets, in le Parc Technologique in St Priest, were bought from Bouygues Immobilier in 2008 under a forward purchase agreement.
CWI has reduced the vacancy rate of the assets by 10% over the course of 2010 through active asset management and close relationships with tenants in the regional markets as well as third party advisors/agents. On behalf of the client portfolio, CWI succeeded in bringing in eight new tenants, resulting in over 1 million additional rental income, representing a 22% uplift in rental income.
David Rendall, European CEO at Cushman & Wakefield Investors said, "With strong relationships and experience in France, Cushman & Wakefield Investors has leased over 10,000 m² in 2010 and has succeeded in attracting good quality tenants to these and other assets. These properties are ideal for regional HQ buildings for the increasing number of French and international occupiers looking to expand outside of the Île-de-France market."
Source: Cushman & Wakefield