Paris-based asset manager AEW Europe has acquired a large-scale logistics development in southern France for the €1.3 bn Logistis fund.
Paris-based asset manager AEW Europe has acquired a large-scale logistics development in southern France for the €1.3 bn Logistis fund.
The 100,000 m2 distribution centre in Saint-Martin-de-Crau is being developed by Gemfi (Gicram Group) for French Furniture retailer Maisons du Monde, which has pre-let the building on a 12-year lease. Delivery is expected to take place in 2016.
The purchase price is understood to be between €60 mln and €65 mln, representing a yield of 6.5%.
The seller was Dyna Logistics, a private French real estate company.
AEW said the acquisition was in line with Logistis’ strategy of building a portfolio of Grade A logistics parks in prime locations across mainland Europe.
Rémy Vertupier, Logistis fund manager, said: ‘We believe that the construction of large size logistics assets in strategic areas meets the structural demand of a market in constant pursuit of operational performance. Maisons du Monde is also a very welcome addition to Logistis’ client base.’
AEW Europe was advised by the Monassier notary office and ECOR Ingénierie. Maisons du Monde was advised by CBRE.
