PGIM Real Estate has partnered with real estate portfolio management company Alderan to buy and manage logistics assets in France.
PGIM Real Estate said its pan-European core plus investment strategy has acquired 90% of the shares of OPPCI Organa III as part of the newly created partnership.
OPPCI Organa III, launched in March 2018 by Alderan, holds a portfolio of eight logistics and business assets spread across the Paris Region, the Madrid region and other established logistics zones.
OJIREL, the initial sponsor of the Organa III fund, will retain the remaining 10% stake in the fund. Alderan will continue to manage the vehicle which holds a 156,000sqm portfolio.
PGIM Real Estate said it intends to pursue a strategy of enhancing the value of the portfolio by consolidating the rental exposure while taking advantage of the many opportunities for value creation that it offers.
“Several sites in the portfolio thus present significant (re)development potential, particularly in the Île de France region and the Marseille area,” PGIM Real Estate said.
Backed by PGIM Real Estate, Organa III will also continue to acquire logistics platforms.
Jocelyn de Verdelon, president of PGIM Real Estate France, said the peri-urban locations of the portfolio provide a high intrinsic value and the technical characteristics of the assets are good and easily adaptable.
“Certain sites in the portfolio will be the subject of significant investments in order to bring their technical specifications into line with the best market standards.
“Organa III will then pursue its development through the selective acquisition of existing platforms and the launch of new developments in order to eventually constitute a critical size logistics investment platform in France.”
Rémy Bourgeon, president of Alderan, said following the sale of OPPCI Organa in 2016 and OPPCI Organa II in 2019, this regulated fund transaction demonstrates Alderan’s ability to structure investment vehicles, build a relevant real estate asset portfolio and create value through intensive asset management work on behalf of its investor clients.
“We look forward to beginning this new collaboration with PGIM Real Estate and to continuing the development of the portfolio.”
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