A fund managed by Savills Investment Management has bought a newly-constructed distribution warehouse in Greater Paris from Barings.
The European Logistics Fund 2 (ELF 2) fund acquired the 30,420sqm logistics property in Le Coudray-Montceaux for an undisclosed amount.
The latest deal is Savills IM’s second purchase in France for ELF 2. The fund now holds a total of 16 properties in six countries, four of which are in France.
Laurent Vouin, head of France and Belux at Savills IM, said: “This purchase gives ELF 2 yet another first-class distribution warehouse in France. Due to its excellent location, the strong credit rating of its tenant and its flexible use of space, the asset fits the fund’s investment strategy perfectly.
“Its location also adds to the fund’s geographic diversification, given its French portfolio now includes properties in Orléans, Bordeaux, Lyon and Paris.”
The disposal is Barings’ first sale in France having entered the market in 2016.
Severine Maumy-Laffineur, managing director, country head for France, Barings, said: “This sale is ahead of our value-add business plan and delivers exceptional returns for our investors.
”When we agreed to forward fund this asset we saw an opportunity to capitalise on the strong demand for prime logistics assets on the edge of the French capital. This was evidenced by our ability to attract a high-quality tenant before the asset had completed.”
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