Pulse Document - Jones Lang LaSalle

Investment market in Lyon - October 2012
Lyons market retains
momentum despite a
persistently uncertain
economy
solid. It is less volatile than the Greater Paris region and is easily
Having undergone a resurgence in 2011, €334 million had been
invested in Lyons by Q3 2012, only 3% down compared to the
Actors
French investors are clearly the most predominant in the Lyons
end of September 2011. The turbulent economy means this
region. SCPIs, which continue to receive a considerable income
recovery is still in a fragile state although optimism appears to be
from public investors, see Lyons as an attractive and mature
the watchword on the Lyons market.
prospect whose properties match their investment aims. On the
This performance is due to a proactive approach by the
authorities in the city of Lyons, who are exploiting the great
momentum in local growth combined with the confidence of
private sector. Investors are now dealing with a property market
built on healthy and solid foundations.
able to absorb projects in sought-after sectors. We note for
example the off-plan sale of the Equinox development in PartDieu. Worth over €40 million, this property was a speculative
sale, a sign that investors still have confidence in the Lyons
market.
other hand, the absence of major products being traded on this
market is currently limiting the opportunities for foreign investors.
French investors have taken advantage of this situation to take a
dominant stance in the Lyons market, and have done so for
several quarters.
Asset types
"Prime" assets are becoming ever more scarce and benefit from
Yields
growing competition between investors. There is a real mismatch
After a slight increase last quarter, prime service sector yields
today in the Lyons region between the products being put on the
remained stable at 6.10% during the third quarter, the same level
market and the requirements of institutional and international
as at the end of 2010. Figures were also stable for the logistics
investors.
sector (7.20%) and light industrial (7.75%).
Investment opportunities are often below €15 million and are
Major transactions
grabbed by private investors and SCPIs (REITs) which continue
The key transactions for the period include:
to play a predominant role in the market. In total 28 out of 35
- The purchase by CBRE Global Investors from Gazeley
deals were for properties worth less than €15 million.
Although the Lyons market benefited from a dynamic logistics
sector in France at the start of the year, by the end of September
retail and office properties had again taken the lead. In fact, these
tertiary properties have accounted for nearly 70% of investment
Logistics of a 9,000 sq. m. logistics warehouse in Jonage.
- The purchase by a private investor of a commercial
development in Place des Cordeliers
in the 2nd district
comprising 1,322 sq. m. office space, for €3.9 million; this was
an exclusive listing for Jones Lang LaSalle.
into the Lyons region, thanks in particular to several major
- The purchase by a private investor of a multi-purpose building
transactions. Other property types have suffered from a severe
from ANF at 22 Rue de la République in the 2nd district
lack of quality within the Lyons region.
comprising 5,507 sq. m. for around €19 million.
The scarcity of new products for rent is encouraging some
investors to reposition themselves on speculative developments.
In fact, the Lyons leasing market is one that can be described as
- The purchase by BNP Paribas Reim from Matrix of a logistics
platform in St Laurent de Mûre comprising 27,978 sq. m. of
Pulse • Investment market in Lyon • October 2012 2
warehouses, for around €21.6 million; Jones Lang LaSalle was
the exclusive agent for this sale.
Looking ahead
- The purchase by La Française Real Estate Managers from
The Lyons investment market is controlled for both purchases
Eiffage Immobilier of the Equinox development in Part-Dieu, a
and sales by French investors, especially SCPIs whose income is
10,231 sq. m. service sector building, for around €40 million;
steadily increasing.
this was a joint-exclusive listing for Jones Lang LaSalle.
- The purchase by Unofi Patrimoine from Sogelym Dixence of
the Lugdunum building in Lyon Part-Dieu, a 21,193 sq. m.
service sector development, for about €75 million.
- The purchase by Primonial Reim from CFA Régional RhoneAlpes of the Helio 7 building in Lyon 7th district, a 6,500 sq. m.
service sector development, for about €18.6 million.
However, we are seeing signs of an imminent return to the scene
of international investors. German funds are expected to make a
return in early 2013. The arrival of new international investors
(from outside Europe) could shake up the existing landscape of
investors currently interested in Lyons.
We are seeing the focus return to high-quality retail and office
premises with stable yields. This stability is due in particular to
high demand together with a scarcity of available properties in
this sector.
A large number of business park properties have come onto the
market but the range of yields falls well outside investors'
expectations.
The Lyons market remains highly active in terms of volumes, a
sign that the city is settling into its role as France's second largest
investment target after the Greater Paris region.
Pulse • Investment market in Lyon • October 2012 3
Invested volumes in Lyon Areas
%
i nves ted vol umes a t
30th s eptember 2011
(i n mi l l i ons €)
%
i nves ted vol umes a t
30th s eptember 2012
(i n mi l l i ons €)
%
Area s
i nves ted vol umes a t
30th s eptember 2010
(i n mi l l i ons €)
Inner Ea s tern
19,8
10%
25,0
7%
17,7
5%
Cotiere
0,7
0%
9,0
3%
11,5
3%
Outern Ea s tern
0,4
0%
0,0
0%
23,6
7%
Intra muros
100,6
53%
272,1
79%
262,6
79%
North
5,2
3%
6,8
2%
0,0
0%
North wes tern
19,3
10%
6,7
2%
1,6
0%
South a nd North Is ere
32,2
17%
20,8
6%
5,3
2%
South wes tern
10,3
5%
0,0
0%
0,0
0%
Portfol i o
0,0
0%
2,8
1%
11,3
3%
Total
188,6
100%
343,2
100%
333,6
100%
Carte des secteurs en région lyonnaise
Jones Lang LaSalle Offices France
Paris
40-42 rue La Boétie
75008 Paris
Tél. : + 33 (0)1 40 55 15 15
Fax : + 33 (0)1 46 22 28 28
La Défense
Tétris - Immeuble Le Berkeley
19-29, rue du Capitaine Guynemer
92903 Paris La Défense Cedex
Tél. : + 33 (0)1 49 00 32 50
Fax : + 33 (0)1 49 00 32 59
Saint-Denis
3, rue Jesse Owens
93210 Saint-Denis
Tél. : + 33 (0)1 40 55 15 15
Fax : + 33 (0)1 48 22 52 83
Le Plessis-Robinson
“La Boursidière”
BP 171
92357 Le Plessis-Robinson
Tél. : + 33 (0)1 40 55 15 15
Fax : + 33 (0)1 46 01 06 37
Lyon
55, avenue Foch
69006 Lyon
Tél. : + 33 (0)4 78 89 26 26
Fax : + 33 (0)4 78 89 04 76
Contacts
Magali Pousson
Consultante Géomarketing
Etudes et Recherche Lyon
+33 (0)4 78 89 26 26
[email protected]
Laurent Vallas
Directeur Agence
Jones Lang LaSalle Lyon
+33 (0)4 78 89 26 26
[email protected]
Vincent Delattre
Directeur Investissement en régions
Jones Lang LaSalle lyon
+33 (0)4 78 89 26 26
[email protected]
Investment market in Lyon – October 2012
www.joneslanglasalle.com
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