Fund manager AEW Europe has sold three logistics facilities in France for a total of EUR 79 mln. The assets have been sold to an undisclosed German fund and to French property developer Argan on behalf of its Logistis II fund for an average yield of 7%.
Fund manager AEW Europe has sold three logistics facilities in France for a total of EUR 79 mln. The assets have been sold to an undisclosed German fund and to French property developer Argan on behalf of its Logistis II fund for an average yield of 7%.
The properties comprise a 115,000 m2 logistics platform in Brie Comte Robert, near Paris, and a 72,000 m2 scheme in Chartres, built in 2007 and fully rented to French DIY group Castorama on a 12-year lease.
Jones Lang LaSalle and CB Richard Ellis advised on the transaction.
Argan, which bought the Chatres asset, said the transaction brings its total portfolio to over 763,000 m2. The listed company also announced the completion and delivery this week of its 40,000 m2 logistics facility in Roye, around 20 km from Amiens. The property will be occupied by L'Oreal with a nine-year lease term.
