Principal Global Investors and Atream have jointly acquired the Urban Garden office building in Lyon for over €150m from HIG Capital. The 29,927m² office building was completed in May 2021 and is fully let to top-quality tenants with a combined WALT of 8.4 years. With five buildings providing premises with the highest standards of specificities, including large open areas, leisure spaces, terraces and external gardens, Urban Garden is perfectly adapted to the evolving occupiers’ needs. Urban Garden has also strong sustainable credentials, excelling in several areas, including a BREEAM Excellent rating, R2S, Biodivercity and Osmoz labels.
Commenting on the acquisition, Guillaume Masset, President, and Head of Transactions and Asset Management Europe at Principal, said: “It’s been great to partner in joint venture with Atream on this acquisition. Urban Garden is a prime office asset, let to strong covenants on long leases. Built to high environmental and sustainability standards, it is well-suited to the future evolution in-office use in Europe, incorporating servicing as well as large open spaces and natural light inside and out. This is an excellent example of the type of core asset we’re looking to acquire for Principal’s European Office fund.”
“We are delighted to announce along with Principal Real Estate Europe the acquisition of the Urban Garden property in Lyon, a modern asset which meets the highest standards in terms of services and tenants well-being. The ongoing “ISR” ESG labelling process matches the ambition that Atream carries in all its projects in regards to sustainable investment. We are proud to be able to support the development of such assets at the heart of the real economy of our large regional cities”, said Pascal Savary, President of Atream.
