AXA Real Estate has purchased a Class A logistics platform in Lille from Sun Lille, a company owned by private equity firm MGPA and listed property firm Affine.
AXA Real Estate has purchased a Class A logistics platform in Lille from Sun Lille, a company owned by private equity firm MGPA and listed property firm Affine.
Delivered in July 2008, the facility provides 42,000 m2 of total surface and is located within the 4 Vents à Hem logistics park. Major tenants in the asset are Promod, Geodis and Publi Dispatch.
Financial details were not disclosed.
BNP Paribas Real Estate acted for the vendor on the deal.
The deal is one of just a handful of transactions taking place this year in France's logistics sector. According to market experts, investment in French logistics real estate has been slowing down significantly over the past months as a result of a dip in consumption linked to rising unemployment and the effects of austerity policies.
After 1993 and 2012, 2013 is forecast to see the third largest drop in household spending since 1949.
With only 260,000 m2 let or sold to occupiers in the first half, Paris and Lyon were the most affected regions reporting a year-on-year decline of 54% on average.
