Invista European Real Estate Trust (IERET) has purchased a portfolio of 27 French warehouses and one in Germany for EUR 231.5 mln. The majority of the assets, totalling 335,000 m[sup]2[/sup] of space, are situated around Amiens, north of Paris, and in Provence in the south of the country. The deal reflects a net initial yield of 6.47%.
Invista European Real Estate Trust (IERET) has purchased a portfolio of 27 French warehouses and one in Germany for EUR 231.5 mln. The majority of the assets, totalling 335,000 m2 of space, are situated around Amiens, north of Paris, and in Provence in the south of the country. The deal reflects a net initial yield of 6.47%.
French logistics/distribution company Norbert Dentressangle is the major tenant and accounts for about 52% of the portfolio by gross rent. The acquisition includes an additional 18,000 m2 of land with building permits. Invista is also acquiring a 18,000 m2 retail warehouse park in Bavaria, Germany for EUR 17.7 mln. The fully income-producing park is anchored by national retailers OBI, PLUS and Rossmann.
Invista is a closed-ended investment company. It floated on the London Stock Exchange at the end of 2006, issuing 10.3 million new ordinary shares at 220 pence each. The placing, managed by JPMorgan Cazenove, will help fund these acquisitions. Domiciled in Luxembourg, Invista has real estate assets plus commitments valued at more than EUR 495 mln in seven countries.
'This is an excellent opportunity to diversify the asset base of the company,' Tony Smedley, head of European funds at Invista Real Estate Investment Management, said in a statement.
