Primonial REIM, a French real estate investment solution company, has completed the acquisition of a mixed real estate portfolio of housing, shops and offices in the street of Lyon for circa 85 million euros ($94 million).
Primonial REIM purchased the portfolio, composed of seven mixed assets on Rue de La République in the 1st and 2nd arrondissements of Lyon, from a wholly-owned subsidiary of Abu Dhabi Investment Authority.
The portfolio, with a total surface area of 14,350 square meters, has 7 mixed-use buildings with 115 lots, consisting of 67 housing units, 25 shops and 23 office spaces, and has an occupancy rate of 96 percent.
Under the deal, Primonial REIM acted on behalf of a club deal, bringing together one of its funds as well as an institutional backer, Compagnie Fonciere Lyonnaise, the real estate unit of Crédit Agricole Center Est, as a major partner in the deal.