Clarion Gramercy is strengthening its footprint in France with €134m worth of new investments.
The real estate fund manager has agreed to fund the speculative developments of a 68,642sqm logistics warehouse in Reau and a 69,134sqm warehouse construction in Brebieres for €122.5m in total.
The company has also paid €11.5m to buy an 18,857sqm warehouse in Gevrey-Chambertin from Amundi Real Estate.
Clarion Gramercy said the two logistics developments, which were made on behalf of one of its funds, takes the company’s investment in France since the start of 2018 to over €350m.
Alistair Calvert, CEO of Clarion Gramercy, said: “These are highly attractive development opportunities in core European logistics locations that meet our strict and disciplined investment criteria. Despite the strong investor interest in the sector, our 10+ year track record allows us to leverage our local market origination expertise and partner with established developers to continue generating outsized returns for our investors, whilst maintaining a consistent rate of deployment.
“France is an increasingly attractive market and focus for the Clarion Gramercy team, as e-commerce penetration increases at a faster pace than in many other Western Europe markets and new supply struggles to keep up with growing demand.”
US real estate investment firm Clarion Partners entered the European real estate with the Gramercy Europe buyout in April last year.
As its first transactions as Clarion Gramercy, the company acquired nine assets in the Netherlands, in three separate transactions, for a total consideration of €100m in September last year.
