AEW Europe has announced the purchase of a distribution warehouse in France for EUR 16 mln on behalf of its core-plus fund, Curzon Capital Partners II. The property has been acquired from Goodman's European Logistics Fund (GELF). The 26,735 m[sup]2[/sup] facility is situated in a strategic logistics location on the Zone Parc du Beck in the commune of Wattrelos, approximately 10 km to the north of Lille and 5 km from the Belgian border.
AEW Europe has announced the purchase of a distribution warehouse in France for EUR 16 mln on behalf of its core-plus fund, Curzon Capital Partners II. The property has been acquired from Goodman's European Logistics Fund (GELF). The 26,735 m2 facility is situated in a strategic logistics location on the Zone Parc du Beck in the commune of Wattrelos, approximately 10 km to the north of Lille and 5 km from the Belgian border.
The property comprises a modern and high-quality distribution warehouse with a two-storey office unit. It was constructed in 2007 and is fully let to Promod SA, whoich occupies the property as a major European distribution hub, on a 12-year lease from July 2007 with an option to break in year nine.
Rob Reiskin, managing director and head of investments for AEW Europe, commented: 'While modest in size, this investment is forecast to generate an attractive double-digit current return. Beyond this, we hope that it will be a catalyst for further business with Goodman.'
King Sturge advised AEW Europe in this transaction.
