AXA completes acquisition of Lyon office property
AXA Investment Managers – Real Assets has completed, on behalf of a flagship core fund, the acquisition of CityOne, a core office property in Cité Internationale, a leading business district in Lyon, France, from LaSalle Investment Management.
CityOne comprises two identical eight-story buildings on the bank of the Rhône river, which are independently accessed and operated. Built in 2004 and designed by the renowned Renzo Piano Building Workshop, the properties provide 17,170 square meters (185,000 square feet) of office space that is almost fully let to 21 tenants, as well as two ground-floor retail units. The tenancy provides both diversity and resiliency of income, with three anchor tenants demonstrating strong covenants. The scheme holds a BREEAM “Very Good” rating for its sustainability credentials and has an 81-space underground carpark as well as roof terraces for tenant use on the top floors.
Lyon is the country’s best-performing office market after Paris, accounting for some 40 percent of investment volumes outside of the capital and enjoying high levels of growth as more companies choose to relocate there. CityOne’s location in the Cité Internationale submarket positions it in one of the most sought-after commercial areas of Lyon, benefitting from its good transport connections and pleasant surrounding environment, drawing a diverse mix of occupiers. CityOne is adjacent to Lyon’s Parc de la Tête d’Or, which provides a significant amount of green space for the building’s occupiers to enjoy. There are also a wide selection of retail, leisure and cultural amenities on offer in the vicinity.
