Nuveen Real Estate has acquired three premium industrial assets in France, on behalf of its European logistics platform. The three acquisitions, located in Marseille, Valence and near Paris, total an overall investment of more than €135 mln.
The first asset, a development acquired from Virtuo, is located 30 km (19 miles) south of Paris in the Essonne, within the strategic hub of the Plessis Pâté. The property is a multi-temperature logistics hub of just over 10,000 m2. The site is fully leased to an international brand, which will use it as a storage and distribution hub to supply the Parisian region.
The second asset, with an area of about 49,000 m2, is located in Port-Saint-Louis du Rhône within the Distriport industrial zone, in direct proximity to the industrial port of Marseille. The platform is fully leased to three occupants who are all well established in the region.
Located in Valence, 100 km south of Lyon, the third industrial asset, totalling nearly 87,000 m2 is located close to the A7 and A49 motorways, close to the French Alps and Italy. Occupied by the leader in online tyre sales, this property is integrated into the South Rhône-Alpes Multimodal Park, which includes DHL, Leroy Merlin and Kuehne and Nagel as tenants.
‘Throughout the ongoing health crisis, we have witnessed an increased demand for storage facilities, particularly from e-commerce and grocery retailers, so we are delighted to have added these three Grade-A industrial assets to our growing French portfolio,’ said Christel Zordan, head of France for Nuveen Real Estate.
‘Taking into account their respective strategic locations and quality occupants, we expect to achieve the target rates of return of our investors. Building on this, we are continuing to look for new opportunities in the logistics market in France.’
