Grosvenor purchases French portfolio

Grosvenor, the international commercial property investment fund, has purchased a portfolio of assets from ANF Immobilier for €309.6m.

The assets – situated in Lyon, France – include office and retail space as well as residential units along the rue de la République.

ANF Immobilier had built up a portfolio of roughly 49 properties along the street – named as the 99^th most expensive retail oriented street in the world – by the end of 2011.

Most of the properties are included in Grosvenor’s purchase, with exceptions including the 31,000m² TAT retail project, the 4,400 m² Milky Way office project, the Carlton Hotel and two buildings within close proximity of the Opera.

It is anticipated that ANF will re-invest the capital in further developments across the country, in particular Bordeaux. French law firm Gide Loyrette Nouel advised Grosvenor.

The news comes on the back of Grosvenor’s sale of the Eclipse Tower in Parramatta, Australia, in partnership with Leighton Properties, for a total of $167.5m.

The tower, which provides 25,700m² of office space in Parramatta’s CBD, sold for over $6,500 per m²; a strong price that highlights the area as a prime investment hotspot for commercial property.

An iconic building designed by Fitzpatrick and Partners, it was awarded Parramatta’s first place in the City Council’s design competition for the new City Centre Plan, and is one of the most eco-friendly towers in the city.