Pan-European logistics firm Valor Real Estate Partners is investing over €20m to develop an urban distribution hub in Paris.
Valor has acquired a 2-hectare brownfield site in La Courneuve, where it intends to bring forward the speculative development of a 10,166sqm urban distribution park.
Valor said the investment is being made on behalf of its €1bn investment vehicle.
The site, acquired from an unnamed private seller, comprises two buildings on a low-density industrial estate approximately 8km north of central Paris.
Construction of the distribution hub is expected to commence in the second half of next year.
Victor Massias, partner and head of developments at Valor Real Estate Partners, said: “This is a rare opportunity to deliver modern, urban distribution space at scale in one of Paris’s most undersupplied submarkets.
“With demand for space remaining very strong and with future supply set to be restricted by the wider regeneration plans and housing development, we are taking the decision to develop speculatively from late 2022 to capitalise on anticipated future rental growth and strong occupier demand.”
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