Clarion Partners Europe, the real estate investment fund manager specialising in logistics and industrial assets, has agreed to forward fund a Grade-A warehouse in Boisseaux, south of Paris, for €46.6 mln.
The vendor Quartus Logistique will also act as development manager.
Since the start of 2018, Clarion Europe has invested over €430 mln in the French logistics market, acquiring a mix of standing assets and developments.
Clarion Europe will fund the development of an institutional quality, 74,245 m2 logistics warehouse divisible for up to four units and suitable for a range of potential tenants. Construction is due to commence this month and is expected to complete in Q4 2021. The property will target a BREEAM Very Good certification. A pre-let has been agreed for 42% of the floor space (31,000 m2) with the largest subsidiary of the Euronext-listed Safran, a global aerospace and defence company with a market cap of €45 bn.
Rory Buck, managing director of Clarion Partners Europe, commented: ‘This is another highly attractive development opportunity which continues our investment strategy of identifying Grade-A assets in geographically relevant logistics locations which appeal to a wide range of occupiers for regional or national distribution.
'Securing a pre-let to such a strong covenant further endorses the strength of the location to provide modern big box logistics at an affordable level with direct access to two of the largest metropolitan areas in France. As we target more ground-up development in 2021 we will continue to take advantage of a shortage of suitable stock across Europe and look to leverage our in-house expertise to drive returns.’
Clarion Europe was advised by Le Breton, Lacourte Raquin Tatar, Gowling WLG and ETYO.
