PGIM Real Estate has acquired two logistics assets in France on behalf of its value-add European Value Partners II fund.

PGIM Real Estate said it has acquired a 240,000sqm land plot with logistics use in Avrigny to develop up to three logistics platforms and has bought a 19,000sqm logistics project in Longueil-Sainte-Marie from Quartus Group in a forward funding deal.

Nabil Mabed, the head of France, Spain and Portugal, said: “The digital transformation of the economy continues to drive demand for e-commerce, while the pandemic has increased the importance for industrial companies to produce and store goods close to its customers.

“In this context of rising demand for logistics space, Greater Paris which is one of the largest economic and population areas in Europe suffers from a significant lack of supply of quality assets and is experiencing a significant rental growth.”

Mabed said the two acquisitions enhance the portfolio of the value-add fund which is more than 60% committed to logistics assets and developments in London, Paris, Berlin, Milan and Madrid.

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