French REIT Affine has announced the sale of a warehouse portfolio to Corelog, a new OPCI logistics platform set up by investors TwentyTwo Real Estate and Massena Partners.
French REIT Affine has announced the sale of a warehouse portfolio to Corelog, a new OPCI logistics platform set up by investors TwentyTwo Real Estate and Massena Partners.
The five-asset portfolio was sold for just over €42 mln, with mortgage debt financing from Crédit Agricole Corporate and Investment Bank. It includes logistics assets in Bussy-Lettrée (51), Maurepas (78), Saint-Etienne Molina (42), Saint-Cyr-en-Val (45) and Saint-Germain-Lès-Arpajon (91).
The OPCI is managed by Swiss Life REIM. Scaprim Services has been appointed as asset manager and property manager of the portfolio.
Affine said the deal is fully in line with its arbitrage strategy aimed at refocusing its portfolio on office and retail properties, while seeking to achieve a balanced exposure to the Paris metropolis and the country's major regional cities (Bordeaux, Lille, Lyons, Marseilles, Nantes and Toulouse).
Affine, which has recently sold two other platforms in Buchères, has carried out €67 mln of sales in the logistics sector in the recent past. The disposals have allowed the company to decrease its loan to value ratio from 50.8% to 45.3%.
The group's portfolio currently consists of 60% office properties, 25% of retail assets and 15% of warehouses and industrial premises.
Corelog was advised by Scaprim Asset Management, Arthur Loyd Asset Management, law firm Archers, the Allez & Associés notary office and Swiss Life REIM; CA-CIB was advised by law firm Fieldfisher Waterhouse and the Ginisty notary office. The notary office for the seller was Haussmann Notaires.