Clarion Partners Europe has closed a €30 mln senior development loan and a circa €8 mln VAT facility from Caisse d’épargne Ile-de-France (of French banking group BPCE) and a separate account managed by AEW, the global investment manager, to fund the construction of a Grade-A warehouse in Reau, 40 kilometres south east of Paris.
Clarion Partners Europe acquired the site, on behalf of one of its co-mingled funds, in October last year, via a forward funding agreement.
Construction of the institutional quality, 68,642 m2 logistics warehouse is underway and the building is expected to be delivered later this year. The scheme, which will be suitable for a range of tenants, will feature modern, generic and flexible floorplates with clear heights of 11.5m and BREEAM Very Good.
Thorben Schäfer, investment director at Clarion Partners Europe, commented: ‘We are committed to growing our footprint in what is one of our key markets and building new lender partnerships.’
Clarion Partners Europe was advised by First Growth Real Estate Finance, Gowling WLG, Le Breton Notaires and Chatham Financial.
Caisse d’épargne Ile-de-France and AEW were advised by Fieldfisher and Thibierge Notaires.
