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ADIA: acquisition of the ground-floor shops in the Rue Grolée in Lyon in December 2013

14 February 2014

  • version française

The investment fund of the Emirate of Abu Dhabi, ADIA, has reaffirmed its interest in Lyon's real estate.

After buying back a large amount of retail space in the Rue de la République in 2012, ADIA then acquired the portfolio held by Docks Lyonnais in late 2013. Total sum of the deal: 750 million euro.

The real estate belonging to the Swiss bank UBS includes part of the Rue Grolée in Lyon. ADIA is now owner of the ground floors in the Rue Grolée: 15,000 m2 of retail space for an investment of 89 million euro. In addition to this deal came the purchase of office buildings in Île-de-France.

4 owners in 10 years: a major achievement for the Rue Grolée and its property development classed in "Bâtiments de France" – looking back:

  • in 2004, the City of Lyon sold the Rue Grolée to Cargill for a total sum of 87 million euro,
  • in 2006, Cargill sold on the ground-floor retail space to Docks Lyonnais,
  • in late 2013, ADIA offered to acquire the ground-floor retail space in Rue Grolée and has since become its owner.

The sale took place via Grosvenor, a real-estate investment holding company belonging to Gerald Cavendish Grosvenor, Duke of Westminster.

This is not the first time that ADIA has invested in Lyon. In 2012, it bought from ANF Immobilier its assets located in Rue de la République, Rue des Archers, Rue Confort and Rue Neuve: more than twenty buildings for an estimated total of 313 million euro.

Amongst the most expensive in Europe, the Rue de la République is the main shopping artery in Lyon with a current retail turnover estimated at 220 million euro per year.

These two major acquisitions following in quick succession reflect, in addition to ADIA's proven enthusiasm for Lyon's real estate, a definite will to invest in France.

Find out more

ADIA: created in 1976, the investment fund of the Emirate of Abu Dhabi is today one of the top sovereign funds worldwide with assets estimated at over 600 billion dollars.

It is also the largest fund of the 7 emirates in the Federation of United Arab Emirates. With sheik Khalifa bin Zayed al-Nahyan as its president, being also president of the United Arab Emirates, ADIA's role is to ensure the long-term wealth of the oil-rich state.