EDF Invest, the investment arm of the EDF Group, and Generali Real Estate have announced a joint venture to invest in logistics assets in France.
The partnership involves EDF Invest acquiring a 50% stake in OPPCI Parcolog Invest, an existing investment vehicle owned by Generali France. OPPCI Parcolog Invest currently holds a €400 mln portfolio consisting of nine high-quality logistics assets in France.
The portfolio includes a logistics park with two assets in Moussy le Neuf, near Roissy; two large-scale platforms in Hénin Beaumont (Lille) and in Plaine de l’Ain (Lyon); and additional assets in Marseille Clésud, Avignon, Bourg en Bresse, Le Mans and in the Lille region. The co-investors aim to grow the portfolio over the coming years by capitalizing on the growing demand for logistics space.
The Generali Group will retain a 50% ownership interest in OPPCI Parcolog Invest through its Generali Real Estate Logistics Fund (GRELF). Both Generali and EDF Invest plan to expand the portfolio through new acquisitions and developments.
Sébastien Pezet, head of Western Europe at Generali Real Estate, commented: ‘We are proud to be able to continue the partnership with EDF Invest, initiated two years ago on offices, and now extending to logistics, a strategic asset class for Generali Real Estate. The trust of our partners honours us and encourages us to find investment solutions corresponding to their objectives in this competitive sector.’
Pierre-David Baylac, head of Logistics at Generali Real Estate, stated: ‘We are delighted to collaborate with EDF Invest in a co-investment program that will allow us to increase our presence in France in a sector which is buoyant, at an opportune market moment. We are looking forward to continuing our expansion in logistics in France through OPPCI Parcolog Invest, and in continental Europe with the GRELF Fund.’
Clémence Caniaux, head of Real Estate at EDF Invest, declared: ‘EDF Invest is very pleased with this acquisition from Generali of a stake in a high-quality logistics portfolio, with prospects for future developments, which strengthens the exposure of our portfolio to the logistics sector, in line with our strategy. We are delighted to be able to continue the partnership with Generali through this operation with a long-term perspective.’
This partnership aligns with Generali's strategy of expanding its logistics investments in France and Europe. The GRELF fund, which is also a shareholder in OPPCI Parcolog Invest, will contribute to the growth of the portfolio.
The portfolio has secured financing from a group of leading French banks, including CACIB, BNP Paribas, and Société Générale. Generali Real Estate will oversee asset management, while Parcolog Gestion/Primelog will handle property management.
