Harbert Management Corporation has announced the acquisition of Parc Mail business park, in the French city of Lyon from Goodman's European Business Parks Fund (GEBPF) for just under EUR 40 mln.
Harbert Management Corporation has announced the acquisition of Parc Mail business park, in the French city of Lyon from Goodman's European Business Parks Fund (GEBPF) for just under EUR 40 mln.
Parc Mail consists of approximately 22,000 m2 of modern office space in 12 buildings all constructed between 2002 and 2008. The property is 99% occupied by 23 tenants, including Cap Gemini, Linde, Microsoft and Total Petrochemicals. The park is located within the 90,000 m2 Parc Technologique.
The acquisition was carried out by Harbert European Real Estate Fund II and affiliates.
Scott O’Donnell, senior managing director of HMC Europe, said 'Parc Mail represents one of the highest quality business locations outside of central Lyon which is evidenced by the quality of the tenant base. We are very pleased to have been in a position to acquire such a high-quality asset with strong underlying cash flow characteristics'.
Stephen Young, GEBPF fund director added: 'This transaction is in line with the Fund’s capital recycling programme and the level of investor interest generated, and successful conclusion of this sale, underlines the quality of the product and Goodman’s ability to continue executing significant deals in a difficult market.'
Harbert Management Corporation is an alternative asset investment management firm that manages 12 different investment strategies. The European real estate investment team has offices in London, Luxemburg, Amsterdam, Paris and Madrid.
Harbert Management Corporation was advised by King Sturge and SJ Berwin. GEBPF were advised by CBRE and Le Breton & Associes.
