Morgan Stanley has launched the sale of a core-plus French logistics portfolio centered around Lille, PropertyEU understands.
The circa 300,000 m2 package includes six modern last mile and urban logistics park properties which are likely to fetch well in excess of €200 mln.
Cushman & Wakefield has been appointed to sell the portfolio which Morgan Stanley has owned since 2018. The vendor has carried out a wide range of asset management works on the properties since then.
Yields for French assets in strong regional logistics locations outside Paris are now firmly established below 4%. The price that Real IS paid for three new logistics warehouses in Mer on the outskirts of Orléans last December is understood to be €130 mln equating to 3.9%.
Real IS bought the 123,000 m2 portfolio for its BGV VIII Europa fund and RealIInvest, a retail fund. The properties are let on seven-year leases to three tenants including 3PL group DB Schenker and were developed by Baytree funded by AXA IM-Alts.
Last month PropertyEU revealed that Clarion Partners would launch the first large logistics portfolio sale of 2021, comprising the 31 properties in its third pan-European fund, assembled since 2017.
CBRE and JLL have since won the mandate to market the portfolio which is expected to sell for more than €800 mln.
The next jumbo logistics sale to close could be CBRE Global Investors and Spanish developer Montepino’s 650,000 m2 Spanish portfolio.
The four rival bidders in the final round are AXA IM-Alts, Allianz Real Estate, Ivanhoe Cambridge and a consortium of institutional investor clients of a Spanish bank.
The bids are believed to have pushed the price to around €1 bn, with circa €600 mln being the standing assets, €200m sites under construction and €200m to secure the development pipeline. Montepino will remain as the asset manager/developer.
