ING Real Estate buys office building in Lyon (FR/NL)

On behalf of the ING Real Estate European Office Fund, ING Real Estate has acquired the Triangle Part-Dieu office building in Lyon, France, for €41 million. The property is located in the central business district, which is the most sought after location by tenants in the area.

Triangle Part-Dieu will include floor space of around 12,000 m² and 249 parking spaces. The property has been awarded the Pyramide d'Argent prize for its outstanding design and is scheduled for delivery in Q3 2007. Banks and insurance companies are the main tenants in the district, and strong interest in the property is seen from grade A companies from all service industries.

"The Lyon Part-Dieu real estate market is currently very attractive for investors because no other new buildings will be delivered in the area within the next 18 months. We now see the first signs of real rental growth in the market, and we expect this to continue in the near future," said Leo Weidenaar, Fund Manager, ING Real Estate European Office Fund.

Source: ING Real Estate

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