PGIM Real Estate buys French logistics asset for institutional investor
PGIM Real Estate has bought a 100,000sqm logistics platform in France on behalf of an unnamed institutional investor.
The $69.2bn (€61.43bn) real estate investment business of global asset manager PGIM said it has acquired the logistics platform in Salon-de-Provence for an undisclosed sum.
The property was built in 1995 as a turnkey property for retailer Carrefour and was extended in 2003 and 2017. The asset is fully let to Carrefour with a remaining firm period of around eight years.
Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal, said: “The warehouse’s strategic micro-location, size and rare technical specifications that anticipate the future needs of the logistics industry, along with a positive outlook for the long-term drivers of demand for logistics, means that this is an ideal opportunity for our investor.
“This transaction further demonstrates PGIM Real Estate’s ability to execute on core strategies in the logistics sector, in addition to the value-add office acquisitions that we have more recently completed.”