LaSalle Investment Management’s core pan-European property fund has bought a logistics warehouse on the edge of Paris.
The manager said its Encore+ fund has acquired a 25,000sqm single-let asset located in Gonesse for an undisclosed sum.
The property consists of four storage cells, 26 docking bays and office space.
David Ironside, fund manager of Encore+, LaSalle Investment Management, said: “Thanks to the significant growth of e-commerce in France – the online share of total retail sales in France is currently growing at a double-digit rate – the demand for urban logistics continues to increase.
“The development of the town of Gonesse will be a constraint on the supply of further logistics capacity in the area. This indicates that the asset will experience a positive supply-demand dynamic while delivering long-term secured income in the coming years.”
Beverley Shadbolt, country manager for France at LaSalle Investment Management said: “After the acquisition and development of our logistics project in Tigery announced at the beginning of the year, this is another important acquisition for Encore+ that strengthens our position in the logistics sector in France.”