Fund manager AEW has launched the development of a 37,000 m2 pre-let unit, extending an existing 45,000 m2 logistics facility located on a 186,000 m2 logistic park in the Lyon region of France.
The facility is owned by Logistis, AEW's European logistics strategy arm.
The extension will facilitate the expansion of the current tenant, Intersport, a major sporting goods retailer, which has agreed to pre-let the new space and renew the lease on its existing building, both on nine-year terms. The 37,000 m2 extension, which is being constructed by GSE, is scheduled for delivery in the third quarter of 2024.
The agreement of a lease re-gear coincides with the refurbishment of the existing building, which was developed in 1999, to a BREEAM "Good" certification standard by 2025.
The new Grade-A extension is targeting a BREEAM “Excellent” certification. Biodiversity is also a key consideration, with the project’s green areas replicating the surrounding natural habitat by using over 95% of indigenous flora.
Logistis is invested in more than 310,000 m2 of logistics space in the Lyon region, with France representing 45% of its €5 bn portfolio.
Jason Grundy, Deputy Fund manager of Logistis at AEW, commented: 'This transaction supports the growth of our long-standing tenant, Intersport, on our Plaine de l’Ain Park site. This strategic development for Logistis increases its presence in the Lyon region, a prime location that faces a chronic under-supply of logistics space, as well as generating a long-term income stream for the fund at marked-to-market rental levels. This project also fits perfectly with Logistis’ DNA of investing in large-scale logistics parks, over the long term, and providing high quality and sustainable space to occupiers.'
