Intermediate Capital Group’s real estate arm and Atlantic Real Estate have partnered to create a €500m logistics investment platform in France.
ICG Real Estate and the Paris-based asset manager have launched the investment platform to acquire or develop last-mile logistics and light industrial assets across Greater Paris and other major population centres in France.
The venture is seeded with a fully-let portfolio of 26 assets.
ICG Real Estate said the 100,000sqm portfolio is the first transaction for the new ICG Real Estate Opportunities strategy which targets value-add and opportunistic investments between €50-150m of equity, primarily across France, Germany and the UK.
Adam Golebiowski, managing director and co-portfolio manager for ICG Real Estate Opportunities said: “We are excited to partner with Atlantic Real Estate and to have secured a large and attractive seed portfolio for this opportunistic strategy.
“We continue to see good underlying fundamentals for well-located distribution assets across France and our platform is best placed to take advantage of current market dislocations and emerging opportunities.”
Fabien Ayvazian and Yoel Cytron, founders and co-CEOs at Atlantic Real Estate, said: “The French logistics market is one of the most attractive in Europe given the low vacancy, constrained supply of land and strong growth in e-commerce that will support rental growth going forward.
“We are currently working on several new investment opportunities and are looking to capitalise them as we continue to grow our venture with our trusted partner ICG Real Estate.”
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