Clarion Partners Europe is investing €46.6m in French logistics real estate by way of a forward funding development deal.
The logistics and industrial real estate investment fund manager has agreed to forward fund a warehouse in Boisseaux, south of Paris. The vendor Quartus Logistique will also act as development manager.
Clarion Europe said it will fund the development of the 74,245sqm logistics warehouse expected to complete in the fourth quarter of the year.
A pre-let has been agreed for 42% of the floor space with a subsidiary of aerospace and defence company Safran.
Rory Buck, managing director of Clarion Partners Europe, said: “This is another highly attractive development opportunity which continues our investment strategy of identifying Grade-A assets in geographically relevant logistics locations which appeal to a wide range of occupiers for regional or national distribution.
“Securing a pre-let to such a strong covenant further endorses the strength of the location to provide modern big-box logistics at an affordable level with direct access to two of the largest metropolitan areas in France. As we target more ground-up development in 2021 we will continue to take advantage of a shortage of suitable stock across Europe and look to leverage our in-house expertise to drive returns.”
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