CBRE GI picks up 30,000m2 of logistics in Toulouse

CBRE Global Investors has acquired a 30,000 m2 logistics platform in the French city of Toulouse for €23 mln.

The asset, known as ZAL Toulouse, was purchased on behalf of CBRE GI's European Industrial Fund (EIF). The vendor was Consorcio de Parques Logisticos (CPL), part of the Saba group.

The grade A asset is located in the province of Haute Garonne, just 30 km from Toulouse near the A62 motorway and 10 km from the intersection with the A20 (Paris) highway. The asset is let to several tenants.

The acquisition also includes 100,000 m2 of land bank and EIF has signed a development contract with GSE for a 20,000 m2 speculative warehouse to be delivered in the first half of 2016.

Pierre-David Baylac, fund manager EIFat CBRE Global Investors, said: 'Toulouse is a very resilient market, with almost no available Grade A availability and we believe it is one of the most promising markets to launch a speculative building. The project is very flexible and offers a combination of 4,500 m2 and 6,000 m2 units to tenants. In addition, we hold an approved building permit to develop a further 30,000 m2 for a built-to-suit project or a second stage speculative development.”

'The fund reopened last year and we are building a strong European pipeline for it with a focus on very high quality flexible buildings,' Baylac said.

'CBRE Global Investors has a great appetite for French logistics and we have a further 130,000 m2 under exclusivity in the country,' added Sigrid Duhamel, country manager for France.

CBRE Global Investors was advised by Winston & Strawn, Allez & Associés, Virtuo, Environnance and DTZ Toulouse.

The vendor was advised by Allen & Overy, PWC, Etude Zenou and AZ Capital.

CBRE Global Investors said it ranks in the top five of logistics property operators and investors in Continental Europe with 2.2 million m2 under management . The business acquires logistic assets for both its funds and separate account clients.