Concerto Developpement, a subsidiary of French real estate investment vehicle Affine, has acquired the industrial site of the French automotive equipment maker Epeda. The site comprises four buildings with a total of 26,000 m[sup]2[/sup] on a seven-hectare piece of land.
Concerto Developpement, a subsidiary of French real estate investment vehicle Affine, has acquired the industrial site of the French automotive equipment maker Epeda. The site comprises four buildings with a total of 26,000 m2 on a seven-hectare piece of land.
The transaction is part of the first-phase development of a large logistics area of over 100,000 m2 in Les Portes de Chambord park in Mer, Central France. The tenants include companies in the mail order sale and the retail distribution business. The price for the acquisition was not disclosed, French newspaper Business Immo has reported.
Generale de Logistique, Affine's partner on this operation, will carry out refurbishment works on the site. Affine envisages the assets to provide an initial yield of close to 10%. On January 2, the French property group also purchased a Nantes-based company with a 3,000 m2 office building.
