DTZ Investors and Pitch Promotion said on Wednesday that they are launching a partnership to build a €450 mln portfolio of prime logistics warehouses in France.
Under the structure of the deal, the companies are launching a French non-listed REIT named FLF One, to acquire land on which they will develop logistics warehouses for a range of high-quality tenants.
The partners said that they are in the process of identifying and transferring a pipeline of 'several hundred thousand square metres'.
Pitch Promotion, a subsidiary of listed French property developer Alterea Cogedim, will be in charge of the construction of each warehouse. DTZ Investors, part of the Cushman & Wakefield Group, will manage FLF One’s assets through its regulated fund management subsidiary, DTZ Investors REIM.
FLF One's principal shareholder will be DTZ Investors Logistics Development Fund I, a Luxembourg-based fund sponsored by DTZ Investors. Both Pitch Promotion and DTZ Investors will invest in the structure.
Christian Terrassoux, CEO of Pitch Promotion, said: 'This project is an innovative and competitive product that speaks directly to the needs of our clients and partners across the logistics sector.'
Alban Liss, CEO of DTZ Investors France, added: 'The creation of a new player in the French logistics market is grounded in our analysis of the market and seeks to respond to the growing need for top grade products brought about by the rise of e-commerce and the reorganisation of supply chains.'
