Carlyle sells French asset to RREEF for €70m

The Carlyle Group has found a ready buyer for a completed development in Lyon in the form of a German core property fund managed by RREEF


Washington D.C. firm, The Carlyle Group, has sold the Anthemis building complex in Lyon to RREEF Spezial Invest GmbH, for €70.7 million.

Carlyle develped the asset in May 2009 and it is 60 percent let to SNCF and Oracle, it said today. Advanced negotiations are currently underway with a local authority, which would increase occupancy to 75 percent, Carlyle added. The sale price included guarantees on the lease of the remaining space.

Eric Sasson, managing director and head of Carlyle’s European real estate operations, said the investment market in France was experiencing a “real improvement in levels of activity“, indicating that the fundamentals of the market remained strong.

Maximilien de Wailly, head of RREEF in France, said RREEF was looking to invest for its German core funds in assets at prime locations secured on a long-term basis with high quality tenants. “We will continue to invest in 2010 in recent development properties and stable assets in Paris and prime regional cities,” he added.