Pramerica buys French offices for €56m

The private equity real estate arm of Prudential Financial has bought two office properties in Lyon from Invista's publicly listed real estate trust. The offices are let to IBM, BASF Agro, Scotts France and Merial SAS. Invista will use the proceeds to pay down debt.

Pramerica, the private equity real estate arm of the insurance company Prudential, has bought two office properties in Lyon, France, for €56 million.

The properties were sold by Invista Real Estate’s publicly listed trust, Invista European Real Estate Trust, according to a statement.

The properties included a 11,448-square-metre office property in Ecully, Lyon, which is already let to IBM, BASF Agro and Scotts France. The second property, located at Villeurbanne, Lyon, is more than 6,300-square-metres and is let to Merial SAS.

Invista said it sold the properties for 0.18 percent above a June valuation. The proceeds of the sale will be used to pay down debt.

Tony Smedley, Invista’s head of European funds, said the sale was “pleasing” considering current market conditions. “These disposals have been made in line with our ongoing strategy to realise value from the portfolio where asset management plans for the properties have been satisfied and the letting potential optimised.”

Pramerica managed more than $47 billion of assets as of June this year.