Global real estate investor, developer and manager Hines has acquired the Onyx portfolio in France on behalf of the HEPP (Hines European Property Partners) fund from Segro, acting on behalf of SELP (Segro European Logistics Partnership).
The assets, representing 130,000 m2, offer real potential for value creation according to Hines, and are all located in major French logistics transport hubs.
The assets are located at strategic points on the French main freight line; four in the Île-de-France region within the leading logistics hub of Saint-Ouen-l'Aumône, and a fifth at Oignies, south-west of Lille, in the Hauts-de-France region. These platforms are leased in their entirety to eight first-class logistics providers.
'We are convinced that logistics remains an asset class to be favoured. With these new acquisitions, we are confirming our conviction in the sector. The financial capacity of our discretionary funds enables us to be highly responsive in mobilising our available equity,' said Xavier Musseau, president of Hines France.
Laurence Giard, managing director of Segro France, added: 'Segro's Saint-Ouen-L'Aumône and Oignies platforms have performed very well for SELP since they were built and acquired.
'This sale to Hines allows us to reinvest capital in higher value-added assets, including the development of new buildings in prime locations. This focus allows us to refocus our portfolio on innovative assets that are more aligned with our priorities of sustainability and reducing our environmental footprint.'
HEPP intends to modernise the sites within five years to bring them up to high technical standards and meet industry-standard ESG criteria, particularly in terms of operational decarbonisation. The aim is to obtain BREEAM ‘in-use excellent’ certification for the entire portfolio.
Hines SGP was advised in this transaction by the law firm Lacourte Raquin Tatar, the notary firm Lasaygues, De Gaulle Fleurance for tax matters, BFL for structuring/corporate aspects, Etyo for technical and environmental aspects, BNPP RE for commercial matters and Mayer Brown for arranging the financing.
Knight Frank and JLL acted as agents for the transaction. BNPP CIB financed the deal via a green loan, and was advised by Dechert and Wargny Katz.
Segro was advised on the legal aspects by August Debouzy, on the technical and environmental aspects by 14 Pyramides, a notary's office, and on the technical and environmental aspects by Egis.
