CBRE Global Investors has completed the acquisition of a logistics platform in Saint-Vulbas, France for a net initial yield of 7%.
CBRE Global Investors has completed the acquisition of a logistics platform in Saint-Vulbas, France for a net initial yield of 7%.
The asset was acquired for an undisclosed sum on behalf of a separate account client. The vendor was AXA Real Estate, which was acting on behalf of one of its clients.
The 25,130 m2 Grade A logistics platform is located close to Lyon in the Plaine de L’Ain logistics park. The asset was constructed in 2007 and is fully let to French listed electrical supplies group Rexel on a long-term lease.
Jeroen de Grunt, portfolio manager of separate accounts for Continental Europe at CBRE Global Investors, said: 'We have acquired an asset that is located in one of the most important logistics submarkets of Lyon. The asset fits our client's portfolio strategy to enhance the direct return, and to further increase its logistics exposure in the main European hotspots.
'This acquisition follows the recently acquired logistics development in Venlo, Netherlands and we have a number of other opportunities in the pipeline that are high quality and well-divisible logistic investments in the French, German and Czech markets.'