Real estate manager Barings has bought a fully-let French logistics asset with development opportunity from developer Vectura.
Barings, which made the acquisition on behalf of institutional clients for a core investment strategy, said it bought the 40,000sqm asset in Muret and has also entered into an agreement to forward fund the development of a 23,000sqm extension of the property.
Financial details were undisclosed.
Séverine Maumy-Laffineur, managing director and real estate country head - France at Barings, said: “This acquisition is a strong addition to our French portfolio not only due to its quality and location but also due to the prime covenant and long lease term.
“Having been built to the tenant’s unique requirements by a high-quality developer, the asset is of strategic importance to the current occupier, which underpins the sustainability of income, whilst also offering an opportunity to add value through asset management over the short to medium term.”