Ivanhoé Cambridge has sold a €43.6m logistics portfolio in France to a European opportunity fund managed by Tristan Capital Partners.
Tristan’s European Property Investors Special Opportunities 5 has acquired the 72,000sqm Essentials portfolio comprising three fully-let assets.
Two of the assets are located in industrial zones in eastern France close to the Nancy area and one asset is in Normandy at Grand Couronne.
Thibault Ancely, managing director at Tristan Capital Partners, said the latest transaction was the firm’s third logistics acquisition in March this year, adding that the manager is also in talks to complete the acquisition of a pre-let development in North of France this month.
“The Essentials portfolio expands the parameters of our platform with the addition of big-box logistics whilst also further strengthening and diversifying our tenant base.”
Ancely said, alongside local operating partner Arkea Real Estate, Tristan has now acquired 87 logistics and light industrial assets in France, and it continues to assess future opportunities to extend this further.
Arnaud Malbos, the head of investment in Europe at Ivanhoé Cambridge, said the three assets were part of Ivanhoé Cambridge’s 2020 acquisition of the broader French logistic portfolio from Carlyle and “we are happy to have executed exits according to plan”.
“This transaction demonstrates our ability to recycle our capital to the market. We remain a leading investor in the logistics sector and we aim to focus our efforts on the main logistics corridors in Europe.
”Our main ambition is to continue to grow our Hub & Flow platform in continental Europe,” Malbos said.
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