Savills IM acquires commercial properties in France and Italy for German pension fund

Savills Investment Management (Savills IM), the international real estate investment manager, has acquired two properties in Lyon, France, and Milan, Italy, for a total of approximately €110 million ($117 million) for the investment mandate of a southern German pension fund. The purchase in Milan is an off-market transaction.

These are the first purchases in France and Italy for the portfolio, which has been built up on behalf of the pension fund since 2015. Previous investments have focused on Germany, with the portfolio also including a property in Luxembourg.

The property in France is a modern office building in the central business district (CBD) of Lyon. The building was completed in 2014 and consists of three interconnected parts. The rental space totals approximately 11,450 square meters (123,250 square feet) and is almost completely let on a long-term basis to a well-diversified tenant mix with strong credit ratings. There are 130 parking spaces in the buildi