CBRE Global Investors, on behalf of the European Industrial Fund (EIF), has acquired a property in Plaine de l’Ain, close to Lyon, for €21.2 mln.
CBRE Global Investors, on behalf of the European Industrial Fund (EIF), has acquired a property in Plaine de l’Ain, close to Lyon, for €21.2 mln.
The grade A logistics platform comprises 52,000 m2 and is fully let to Norbert Dentressangle on a long-term lease. The vendor was JP Morgan Asset Management.
The Parc Industriel de la Plaine de l’Ain is one of the largest logistics sites in France with more than 500,000 m2 of warehouses. This is the second acquisition by CBRE GI in the past 12 months in the Plaine de l’Ain region following the purchase of a 25,000 m2 logistics property let to Rexel.
Commenting on the acquisition, Pierre-David Baylac, fund manager of the European Industrial Fund at CBRE Global Investors, said the group is 'actively acquiring further assets in France and across Europe to add to the 900,000 m2 of Grade A logistics that are held in the fund across seven European countries'. 'Last year, we re-launched EIF. This has resulted in a very positive year of capital raising. Our focus at present is on large core platforms and cross docks.'
EIF is a semi open-ended, non-listed fund focusing on core Industrial assets. It currently has a gross asset value of €467 mln with a target to reach a size of €1 bn.
CBRE Global Investors was represented by Oudot, IC Avocats and SD Environnement while JP Morgan Asset Management was advised by Allez & Associées, ALAM (Arthur Loyd Asset Management, BNP Paribas RE).