Icade has sold a major portfolio of logistics properties to US-based opportunistic investor Apollo for a total of €145 mln.
Icade has sold a major portfolio of logistics properties to US-based opportunistic investor Apollo for a total of €145 mln.
The deal is said to reflect a yield of 12%.
The package, called Logicad, was transferred to Icade with the acquisition of La Lucette from Morgan Stanley in late 2010.
According to a news report in French magazine BusinessImmo, the portfolio includes 11 regional assets providing a total of 370,000 m2 of space. The average rental agreement on the assets is around seven years.
Jones Lang LaSalle advised Apollo on the transaction.
