Pan-European logistics platform Valor Real Estate Partners has invested €26m to buy an urban warehouse in France’s capital from a private vendor.
The 15,000sqm property, situated on a 26,000sqm site, is located in the submarket of Garges-lès-Gonesse, north Paris.
Valor said it intends to undertake a full refurbishment of the unit.
Valor, which has been active in the Paris market since 2017, said the deal is the first Paris logistics acquisition on behalf of its €1bn specialist urban logistics investment vehicle launched in November last year.
The vehicle intends to deploy up to a billion euros in leading cities across UK, France and Germany, across the full risk spectrum of stabilised assets, vacant or short-income assets and ground-up development. To date, Valor has deployed or committed a total of over €365m on behalf of the vehicle.
Ben Brunschwig, a senior vice president at Valor Real Estate Partners, said: “This is a significant acquisition in a highly-competitive and illiquid sub-market, where there is a shortage of modern distribution space and the majority of assets are in private ownership.
“The unit offers scale in a dense urban location, and excellent connectivity to central Paris and the wider road network, making it ideally suited for refurbishment as high-specification and environmentally-efficient distribution space.”
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