Pramerica, the property arm of US financial group Prudential Financial, has sold the Aur茅alys office building located in the French city of Lyon to Cordea Savills' European Commercial fund. The financial details of this transaction were not disclosed. The property was owned by IVG's Europroperty Fund, which is managed by Pramerica.
Pramerica, the property arm of US financial group Prudential Financial, has sold the Aur茅alys office building located in the French city of Lyon to Cordea Savills' European Commercial fund. The financial details of this transaction were not disclosed. The property was owned by IVG's Europroperty Fund, which is managed by Pramerica.
Aur茅alys was completed in 2003 and comprises 9,370 m2 of office space as well as 126 underground parking spaces. The building is completely leased to seven tenants. Jones Lang LaSalle and BG2 managed the sale process on behalf of Pramerica. Law firm Allez & Associ茅s advised the seller; Jusot & Associ茅s and Clifford Chance acted for the buyer.
In early November, TMW Pramerica Property Investment acquired a commercial building in the 13th arrondissement of Paris from French project developer Bouyques Immobilier for around EUR 38 mln. Designed by star architect Jean-Jacques Ory, the property was built in the 1970s and provides around 6,400 m2 of space across nine floors.
TMW Pramerica invests in real estate mainly for institutional clients and has a total real estate portfolio of nearly EUR 32 bn, invested across 19 countries worldwide.
