Pan-European logistics investor Gramercy Europe has acquired, on behalf of its fund Gramercy Property Europe III and in separate transactions, two warehouses in Lyon and Rouen, France, for €37 mln.
Alistair Calvert, CEO of Gramercy Europe, commented: 'Occupier demand for modern logistics space continues to outstrip supply, underpinning significant rental growth and whilst e-commerce penetration in France is currently lower than other major Western European economies, we expect it to catch up in the medium term, which is why we have such a high exposure for our latest fund in this market.'
The deals take Gramercy’s investment in France in the past 12 months to a total of nine assets and a total investment value in France of circa €220 mln.
In Lyon, France’s third largest city, Gramercy has acquired a modern, purpose built, 22,567 m2 logistics facility, developed in 2012, for €22 mln. As part of the sale and leaseback, Gramercy has secured a leading 3PL provider on a new eleven year, double net lease.
Gramercy has also acquired a 16,568 m2 warehouse in Rouen, Normandy, from Groupe Financier JC Parinaud, for €15 mln, let to one of France’s largest postal service companies, the government-owned La Poste. Its expanding small parcel business is correlated to growing e-commerce penetration in France, Gramercy said.
