Valor Real Estate Partners and Quadreal Property have invested €50m to acquire four assets in France as part of their ongoing logistics investment partnership.
The joint venture has acquired and will refurbish a vacant 7,000sqm building in Goussainville, North Paris, and has also bought a vacant 10,000sqm warehouse in Lyon.
In separate deals in Paris, the partnership has acquired a 5,000sqm fully-let property located near Orly Airport, and a 6,000sqm vacant property in West Paris, where Valor will carry out a refurbishment programme.
Ben Brunschwig, principal at Valor, said: “Our disciplined focus on select high growth metropolitan areas in France, coupled with a data driven local market approach and deal sourcing capabilities, is enabling us to continue deploying capital at an attractive entry point.
“With new supply increasingly constrained by competition for land from alternative uses, and supportive technological and demographic mega trends, we have a high conviction that our value add strategy will continue to generate both rental and capital growth outperformance.
“We see the rest of this year and next as an exciting time to accelerate deployment, extending our market leading last-mile platform.”
Thomas Blangy, SVP at QuadReal Property, said: “Over the past four years, alongside Valor, we have built a robust logistics portfolio in Europe, a sector that remains one of QuadReal’s key areas of conviction in our global investment strategy.
“These four properties, located in the high-demand regions of Paris and Lyon, add to QuadReal’s global industrial portfolio and will benefit from the Valor team’s on-the-ground urban logistics expertise.”
In November 2020, European urban logistics investor Valor and QuadReal Property formed a joint venture to invest €1bn urban logistics assets located in key UK, French and German cities.
At the time, the companies said QuadReal, the real estate arm of British Columbia Investment Management Corporation, would be the majority investor in the partnership, which had initial capital commitments of €440m.
With leverage, the value-add and develop-to-hold investment platform was expected to have more than €1bn of investable capital.
In January 2022, the pair launched a second value-add and development venture with a plan to invest an additional €3bn.
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