CBRE Global Investors has announced the sale of four logistics assets in France to investment funds advised by The Carlyle Group. Financial details were not disclosed.
The four industrial properties, covering 137,888 m2 of space, were owned by CBRE GI's Logistics Property Fund Europe.
The portfolio is 62.1%-let to seven tenants. Three properties are located in the logistics hubs of Bondoufle, Combs-la-Ville and Marly surrounding Greater Paris. The fourth property is located in Toul, a logistics submarket of Nancy in the North East of France.
Carlyle said that it intends to grow its presence in France, one of Europe’s largest logistics markets, as well as other Western European markets through additional investments in locations exhibiting attractive supply-demand fundamentals.
'This acquisition represents one more step in our logistics assets investment strategy which is focused on acquiring and actively managing high-quality facilities located in several established European logistics markets,' said Marc Antoine Bouyer, managing director, Carlyle Europe Real Estate. 'These additional French assets will be integrated into Carlyle’s French logistics platform which now exceeds 415,000 m2 with almost 90% of its value now concentrated around the Paris, Lyon and Marseille markets.'
Pierre-David Baylac, fund manager at CBRE Global Investors, said: 'With these four asset sales we have successfully executed our 2017 disposal plan with seven assets sold last year and almost completed the exit plan for LPFE.'
Carlyle was advised by DLA Piper, Darrois Villey Maillot Brochier and Attal & Associés for the transaction with CBRE and Expansion providing strategic and asset management advice. The acquisition has been financed through a combination of equity and debt, with HSBC providing a financing facility.
CBRE Global Investors was advised by Etude Allez & Associés, Environnance, Virtuo and Groupe Elypse.
