CBRE Global Investors, on behalf of Zurich Insurance Group Germany, has agreed the purchase of nearly 80,000 m2 of logistics space across two assets in France. The financial details were kept confidential.
This includes the forward funding of a logistics building in Mauchamps, Paris from the developer JMG Partners. The grade A warehouse and distribution centre, once delivered in Q3 2022, will comprise circa 40,000 m2 of four back-to-back storage cells and two independent office blocks. It is targeting BREEAM Very Good certification and is fully pre-let to a French supermarket on a nine-year firm lease. The asset is locate 35 km to the south of Paris and benefits from excellent accessibility from the N20, connecting to major motorways in the Southern Paris region.
In a separate transaction, CBRE Global Investors agreed the off-market acquisition of a new 36,000 m2 grade A logistics asset in Lyon from 6ème Sens Immobilier. Delivered in June 2021, the asset is targeting HQE Very Performing Certification and is fully let to one tenant. It is located in Lyon’s largest submarket, Nord-Isère, which is approximately 23 km east of Lyon.
Riccardo Cobianchi, head of Real Estate, Zurich Insurance Group Germany, commented: 'These acquisitions demonstrate our confidence in the European logistics real estate market. Zurich is currently growing its European exposure into logistics and residential given the diversification benefits and very positive outlook driven by the growth in e-commerce and supportive market fundamentals. This acquisition is another example of how we are embedding ESG principles in our investments. Our long-term goal is to develop a portfolio which is energy efficient and that enhances the wellbeing of tenants in local communities.'
CBRE Global Investors was advised by Monassiers & Associés and Immasset for both transactions, and Allen & Overy advised on Mauchamps and Linklaters for Villette.
