PGIM Real Estate’s European value-add fund has set up a platform to invest in French logistics assets.

PGIM Real Estate said the Proxilog REIM platform, launched on behalf of the European Value Partners II (EVP II) fund, is dedicated to urban logistics investments and operations.

Proxilog REIM will focus on building up and operating a portfolio of assets located across French cities including Paris, Lyon, Marseille and Lille.

The platform, which was created at the end of last year, has so already secured a pipeline of five assets located in the vicinity of Paris and Lyon, with a combined investment value of roughly €70m, the manager said.

Proxilog REIM is led by managing director Lionel Nicolas, who has over 25 years of experience, most recently at GARBE, Patrizia and Savills Investment Management.

“While demand for high-quality French logistics is continuing to increase, fueled by rising e-commerce sales, Proxilog aims to identify compelling investment opportunities in supply-constrained locations,” Nicolas said.

Nabil Mabed, head of France, Spain and Portugal and senior portfolio manager for European Value Partners funds, said: “PGIM Real Estate is one of the largest logistics investors globally, and has been very active in the French logistics market over the last five years.

“Creating Proxilog REIM demonstrates that despite the ongoing market turbulence, our conviction remains that an urban logistics strategy focusing on asset management, in supply-constrained locations, will generate strong rental growth and alpha for our investors.”

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