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Press Releases 2022

Principal® and Atream acquire Urban Garden office building in Lyon from HIG Capital

NEWS, 2022

(Paris) – Principal Global Investors, through its real estate investment team, Principal Real Estate (“Principal”), and Atream, the French real estate private equity business, have jointly acquired the Urban Garden office building in Lyon for more than €150m from HIG Capital. This new acquisition shows Atream and Principal’s great expertise in commercial real estate and their commitment to sustainable development.
Principal operated on behalf of the Principal European Office Fund (PEOF) and Atream on behalf of a club-deal of French institutional investors comprised of Caisse d’Epargne Rhône Alpes Foncière, Caisse d’Epargne Normandie, Caisse d’Epargne Loire Drôme Ardèche, Caisse d’Epargne Loire Centre, Groupama Rhône Alpes, CARAC, SCI CARAC Perspectives Immo and SCI Atream Euro Hospitality.
The 29,927 sqm office building was completed in May 2021 and is fully let to top quality tenants with a combined WALT of 8.4 years. With five buildings providing premises with the highest standards of specificities, including large open areas, leisure spaces, terrasses and external gardens, Urban Garden is perfectly adapted to the evolving occupiers’ needs.
Urban Garden has also strong sustainable credentials, excelling in several areas, including a BREEAM Excellent rating, R2S, Biodivercity and Osmoz labels.
Commenting on the acquisition, Guillaume Masset, President, and Head of Transactions and Asset Management Europe at Principal, stated: “It’s been great to partner in joint venture with Atream on this acquisition. Urban Garden is a prime office asset, let to strong covenants on long leases. Built to high environmental and sustainability standards, it is well-suited to the future evolution in office use in Europe, incorporating servicing as well as large open spaces and natural light inside and out.
This is an excellent example of the type of core asset we’re looking to acquire for Principal’s European Office fund.”
“We are delighted to announce along with Principal Real Estate Europe the acquisition of the Urban Garden property in Lyon, a modern asset which meets the highest standards in terms of services and tenants well-being. The ongoing “ISR” ESG labelling process matches the ambition that Atream carries in all its projects in regards to sustainable investment. We are proud to be able to support the development of such assets at the heart of the real economy of our large regional cities”, declared Pascal Savary, President of Atream.
The transaction has been brokered by CBRE and BNP Real Estate.
The purchaser has been advised by C&C Notaires (Bruno Casteran, Devrim Cetiner) and Archers (Arnaud Moutet) and has been financed by Bayern LB (Sébastien Liberge, Philippe Troukens), itself advised by Rochelois Notaires (Muriel Mignard) and Lacourte Raquin Tatar (Chloé Thiéblemont).


Principal contact for further information:

  Shawn Finlen


PR contact for further information:

James Verstringhe,

T +44 (0)20 79203150

Notes for editors:

About Principal Real Estate Investors

 Principal Real Estate Investors manages or sub-advises $105 billion in commercial real estate assets (as of December 31, 2021). The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

 Principal European Office Fund is a balanced, geographically diversified real estate fund with long-term value stability, investing predominantly in the European office sector.

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