Argan snaps up 80,000 m2 logistics platform

French logistics group Argan has acquired an 80,000 m2 logistics development in Coudray-Montceaux, in the Ile de France region from developer Panhard Developpement.

The deal follows the acquisition by Argan in 2010 of the adjoining logistics platform and will allow the company to create a 165,000 m2 park in the Haies Blanches new district leased to Norbert Dentressangle.

Financial details were not disclosed. However, an Argan spokesperson said the park is expected to generate total rent of €8.6 mln a year.

Jean Claude Le Lan, chairman of the supervisory board of Argan, said the 'acquisition illustrates Argan's interest in mega or XXL logistics platforms leased to a single tenant' .

The bulk of the project is due for delivery in the summer of 2013 with the remaining 28,000 m2 to be completed at a later stage.

With around €754 mln of assets, Argan is a French listed real estate investment trust focused on logistics real estate.