Generali Real Estate is selling a 50% stake in a €400m portfolio of nine French logistics assets to EDF Invest as part of a new partnership the pair have agreed to grow the portfolio.
EDF Invest is acquiring the half interest in the OPPCI Parcolog Invest fund from Generali’s French arm which will own the remaining 50% via the Generali Real Estate Logistic Fund (GRELF).
OPPCI Parcolog Invest’s assets include a park comprising two assets in Moussy le Neuf, near Roissy, and two XXL platforms in Hénin Beaumont in Lille and in Plaine de l’Ain in Lyon. The portfolio includes assets in Marseille Clésud, Avignon, Bourg en Bresse, Le Mans and in the Lille region.
Sébastien Pezet, head of Western Europe at Generali Real Estate, said: “We are proud to be able to continue the partnership with EDF Invest, initiated two years ago on offices, and now extending to logistics, a strategic asset class for Generali Real Estate.
“The trust of our partners honours us and encourages us to find investment solutions corresponding to their objectives in this competitive sector.”
Pierre-David Baylac, head of logistics at Generali Real Estate, said: “We are delighted to collaborate with EDF Invest in a co-investment program that will allow us to increase our presence in France in a sector which is buoyant, at an opportune market moment.
“We are looking forward to continuing our expansion in logistics in France through OPPCI Parcolog Invest, and in continental Europe with the GRELF fund.”
Clémence Caniaux, head of real estate at EDF Invest, said: “EDF Invest is very pleased with this acquisition from Generali of a stake in a high-quality logistics portfolio, with prospects for future developments, which strengthens the exposure of our portfolio to the logistics sector, in line with our strategy.
“We are delighted to be able to continue the partnership with Generali through this operation with a long-term perspective.”
To read the latest IPE Real Assets magazine click here.
