A new fund managed by JP Morgan Asset Management has acquired a 63,000sqm logistics warehouse in France from an Amundi Immobilier-managed fund for an undisclosed sum.
JP Morgan said the asset in Châtres was the first acquisition of its latest investment fund, adding that Crédit Agricole CIB, as arranger and agent, is financing the acquisition of the property by means of a mortgage loan.
The property comprises a storage and distribution warehouse developed between 2005 and 2007. It also has three office plots, two charging rooms, 308 car parking spaces and 73 HGV parking spaces.
Jean-Philippe Vergnol, JP Morgan Asset Management Real Estate France, said: “We are delighted to have the opportunity to acquire this quality warehouse in the Paris region. This operation is the first acquisition of our latest investment fund and demonstrates our strong belief in the logistics asset class.
“Indeed, this sector has demonstrated its resilience over the last 12 months, in a context where users are increasingly demanding more storage space in a tight environment in terms of supply. We are actively looking for similar opportunities in the form of single assets or portfolios.”
Back in February, IPE Real Assets reported that JP Morgan is seeking to raise €1.8bn for its latest European fund. At the time Florida State Board of Administration told IPE Real Assets that it had approved a €100m commitment to the JPM European Opportunity Fund V fund.
The non-core fund’s portfolio is expected to comprise 80% office buildings with residential and logistics assets accounting for 10% each as it targets a 15% net internal rate of return.
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