BNP Paribas REIM has announced that it has completed the acquisition of two grade A logistics assets in Paris and in Milan.
The deals, representing a total investment of €85 mln, were made on behalf of the Eurozone Logistics Fund (ELF) managed by BNP Paribas REIM Luxembourg.
The first asset is located in the Milan inner logistics market, in Liscate. This new warehouse from 2017 has a total lettable area of 15,000 m2 and is fully let to an Italian third-party logistics for a secured duration of 6.5 years.
The second one is located in Amblainville, in the Oise department considered as Paris logistics market. Built in two phases (2016 and 2019), it encompasses 85,000 m2 of lettable area and is let to a global home and furniture player for a secured duration of 6 years.
The fund has now invested over 50% of the equity commitments from investors.
Lucas Despretz, Fund Advisor of ELF, comments: 'These two off-market acquisitions contribute to the geographical portfolio diversification since Liscate is the first fund transaction in Italy and Amblainville the second one in France. The portolio is now composed of 7 income producing assets and should further expand by the end of the week with another acquisition in the Netherlands.'
