Logistics Capital Partners (LCP) has purchased a brownfield site in Paris on which it plans to build a strategic last mile urban logistics facilitity.
Financial details were not disclosed.
The plot, situated in Gennevilliers, on Avenue Louis Roche, is some 3 km from Porte de Clignancourt and the Paris ring road, and enjoys direct access to the A86. It was acquired off-market from an occupier.
LCP will re-develop the site into a multilevel logistics asset which will be delivered in Q2 2023. The redeveloped warehouse will offer 17,000 m2 and will be certified BREEAM Very Good.
Said James Markby, managing partner of LCP: 'Good logistics land in Europe, and more particularly in the Ile-de-France area, is tightly constrained.
'With this acquisition LCP can offer modern last mile logistics in an exceptionally prime location to future occupiers, serving core central Paris markets.
'This acquisition demonstrates LCPs creativity in finding site solutions, matching the continued demand from a strong occupier market, and continued value creation through development for its partners.'
LCP was advised by CBRE on the deal.
