Invesco Real Estate has expanded its European logistics portfolio by 91,000sqm with the acquisition of two prime logistics facilities in France.
The global real estate manager has agreed a forward deal to buy the logistics developments close to Paris for €61m from Arefim.
Invesco said the assets include the 47,000sqm Artenay warehouse in the Orléans region which will be completed in the first quarter of next year and the 44,000sqm Cernay-les-Reims facility in the Reims region, expected to be completed in the second quarter of next year.
Jonathan Pierce, senior director, fund management at Invesco, said: “Building on the strong foundations elsewhere in the portfolio, this purchase is planned to drive short term capital appreciation, whilst delivering best in class product with premium income once leased.
“The excellent fundamentals and strong demand for logistics assets in these key regions of France is very exciting. Both facilities are very well situated, within areas of high commercial activity and within excellent reach of major conurbations as well as Paris itself.”
Cristiano Stampa, managing director, transactions, at Invesco, said: “These transactions represent excellent risk-adjusted returns. Due to healthy demand and very limited grade-A supply available, we are confident of achieving outstanding leasing on both assets given the strong supply-demand imbalance.
“The quality of Arefim facilities is well attested and we are delighted to be working with the firm on this project.”