Logistics and industrial specialist Clarion Partners Europe has agreed a forward purchase deal, on behalf of one of its co-mingled funds, for a 93,612 m2 Grade A warehouse in Boisseaux, south of Ile de France.
Financial details were not disclosed.
Clarion Partners Europe will fund the new development, which will be suitable for multi-tenant use across a range of business sectors. The construction phase is underway and is expected to complete in Q3 2023.
Rory Buck, Clarion Partners Europe, commented: 'Our strategy is increasingly focused on development opportunities, which we see as offering the best risk adjusted return in the current climate, and play to our experience developing Grade-A industrial and logistics space in Europe and deep local market relationships.'
The property will include 5-tonne floor loading, clear heights of 11m and will target at least BREEAM Very Good certification, as well as benefitting from numerous ICPE authorisations and being SEVESO classified. Quartus Logistique will act as the vendor and development manager.
The site is adjacent to a 74,245 m2 warehouse owned by Clarion Partners Europe, which is leased to two major tenants in Safran and Thalès.
Elsewhere in its French portfolio, Clarion Europe has reached practical completion of its 37,295 m2, institutional quality warehouse in Marolles Sur Seine, Northern France. Targeting a BREEAM Very Good certification, the property is strategically located 80 km southeast of Paris.
Concluded Buck: 'Whilst we will remain highly disciplined in our investment activity, we have a very healthy pipeline of new opportunities and view the structural drivers underpinning warehouse demand, primarily e-commerce growth and increase in nearshoring, as highly compelling.'
Clarion Partners Europe was advised by Etude Le Breton as a notary, ETYO on the technical due diligence and as a project monitor and BNP Paribas.
