Real estate fund manager Gramercy Property Europe has acquired two logistics properties in Southern France, just weeks after selling a portfolio of mainly logistics assets for €1 bn.
In the latest transaction, a fund managed by the European business of US REIT Gramercy completed the acquisition of the two properties from Aerium, a Luxembourg-based asset and investment manager. Financial details were not disclosed.
The properties comprise 40,808 m2 of warehouse space, and are both fully let to Transgourmet, an international wholesaler, with nine years remaining on each lease. Aerium acquired both properties in 2003 and signed the current long-term leases with Transgourmet in 2014.
Saint Martin, the larger of the two assets at 22,909 m2, is located in the South East of France, 50 km outside of Marseille, in an industrial area. The property dates from 2003, but was updated and extended more recently.
The second asset, Castelnau, is located in the South West, 20 km outside of Toulouse. The property comprises 17,900 m2 of office, warehouse and parking space. It was initially built in 2004 and has been updated and extended since.
Michael Heal, managing director of Gramercy Europe, said: 'These two acquisitions, located in fast growing French industrial hubs, further complement our existing portfolio of high-quality logistics assets, as we continue to focus on delivering attractive returns for our investors.'
