CCP 5 LL, the ‘Long-Life’ fund managed by Pan-European real estate investment manager Tristan Capital Partners, has acquired a 13,000m² office property in Lyon from Amundi Immobilier for c.€43m. CCP 5 LL has partnered with Aquila Asset Management for this project.
The asset, built in 2008, is located in the attractive Confluence district in front of the second biggest shopping centre in Lyon, which opened in 2012 and attracts around 8 million visitors a year. The main tenant in the property is French energy company Engie.
Cecile Champy, Executive Director at Tristan Capital Partners, said: “Lyon’s office market is in very tight supply, with the vacancy rate running at around a low of 2%. The market’s strong fundamentals are expected to continue as robust demand is being met by limited planned future development. We also look forward to expanding our footprint in the French market not only through office exposure to provinces but also in office, retail, logistics and mixed-use schemes in Ile de France for our core plus and value-add/opportunistic funds.”
