Affiliates of Harbert European Real Estate Fund II, L.P. and Harbert European Real Estate Fund II (Parallel), L.P. (collectively, "Harbert") have acquired the Parc Mail business park, in Lyon, France from Goodman's European Business Parks Fund ("GEBPF"). The property was acquired for 39,290,000 and sits within the larger Parc Technologique, a business park containing over 90,000 m² of space and home to over 90 companies.
Parc Mail consists of approximately 22,000 m² of modern office space in 12 buildings all constructed between 2002 and 2008. The property is 99% occupied by 23 tenants, including Cap Gemini, Linde, Microsoft and Total Petrochemicals.
Scott O'Donnell, Senior Managing Director of HMC Europe, said "Parc Mail represents one of the highest quality business locations outside of central Lyon which is evidenced by the quality of the tenant base. We are very pleased to have been in a position to acquire such a high quality asset with strong underlying cash flow characteristics".
Stephen Young, GEBPF Fund Director said: "This transaction is in line with the Fund's capital recycling programme and the level of investor interest generated, and successful conclusion of this sale, underlines the quality of the product and Goodman's ability to continue executing significant deals in a difficult market."
Harbert Management Corporation is an alternative asset investment management firm that manages 12 different investment strategies. The European real estate investment team has offices in London, Luxembourg, Amsterdam, Paris and Madrid.
Harbert Management Corporation was advised by King Sturge and SJ Berwin.
GEBPF was advised by CBRE and Le Breton & Associes.
Source: Harbert Management Corporation (Europe) LLC