Valor Real Estate has acquired two prime last-mile warehouses in Lyon, France, for €10m on behalf of its joint venture with QuadReal Property.
The assets, purchased in separate transactions, bring Valor’s portfolio in the Lyon region to more than 120,000sqm.
The first asset is a 5,000sqm low-site density warehouse in Chaponost, west of Lyon. Built in 2001, the property is fully leased to a solar panel distributor.
The second asset is a 5,000sqm modern distribution facility in Corbas, situated in Lyon’s eastern ring road area. Completed in 2013, the property is fully let to a truck spare parts distributor.
Valor said that Corbas, where it now manages five assets, is one of Lyon’s most sought-after industrial submarkets.
Thibault Schnyder, vice president at Valor, said: “These two off-market transactions reinforce Valor’s position as one of the key players in Lyon despite a difficult macro-economic environment, and sit at the heart of the platform’s investment strategy to grow our last-mile presence in key European distribution hubs.
“Valor is proud to continue working with local partners and supporting SMEs’ growth ambitions by providing functional real estate with rapid access to the city centre and surrounding catchment areas.”
Thomas Blangy, senior vice president at QuadReal, said: “Together with Valor, we have a built a leading portfolio of high quality industrial and logistics assets in the strategically important French market, with Paris and now Lyon representing key areas of strength.
“With their excellent connectivity and proximity to sought-after submarkets, these two additional sites are firmly aligned with our global investment strategy of targeting high-growth urban logistics hubs in key markets across Europe and the UK.”
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