Fund assets are focused on France, Britain and Scandinavia but also Netherlands, Italy and Spain, with Germany slated for a lower asset portion. The institutional fund is income generating, and targets stable dividend payments of at least 5% per annum and a total return of minimum 7% per year after tax and fees.

Gerhard Lehner, Associate Director of Investment, said the Lyons acquisition is characterised by being centrally located and having low tenant vacancy. The fund is also diversified through the sector and country allocation and supports through its beneficial tenant mix an investment strategy based on long-term and secure rental income. Adds Berith Kbler, Cordea Savills Director of Investment, "Demand for core assets is strong across all of western Europe right now, even while the supply is at present quite tight. Despite this, we have been able to make very attractive investments."

German Managing Director Thomas Gtle, says the French acquisition is the second in the last few weeks for the European Commercial Fund. It already holds a specialist market property in Växjö, Sweden, and an office property in Cardiff, UK. In Lyons, the Auréalys asset is located in Lyons Part Dieu, the second largest office quarter after La Défense in Paris. The acquisitions confirm the fund strategy of focusing on western European core markets even while investors are becoming more willing to buy. Cordea Savills manages around €3 billion of assets through offices in London, Milan, Munich, Stockholm, Luxembourg, Paris, Singapore and Bangalore, India.