Real estate manager AEW has added a 6,500sqm asset in France to its ULLIS urban light industrial platform.
AEW said the acquisition of the last-mile light industrial asset in Lesquin expands the ULLIS portfolio to over 150,000sqm of last-mile industrial and logistics space across Europe.
The property, built in 2018, includes 6,500sqm of industrial space, with about 500sqm designated as office space. The current tenant is expected to vacate the premises later this year and AEW said it intends to re-lease the space.
AEW has also identified opportunities to improve the property’s sustainability through a manage-to-green strategy, the manager added.
Jérémy Convert, head of AEW’s investments in France, said: “We are continuing to actively deploy capital on behalf of ULLIS into our pipeline and this acquisition adds a high-quality, last-mile logistics asset in an excellent location to the fund’s portfolio.
“The fund will benefit from immediate income, and we have a clear strategy to re-let the space. The light industrial market in Lille continues to perform well with extremely low vacancy, resulting in sustainable demand for space and we are confident that the building will attract strong occupier interest.”
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