European logistics property specialist Panattoni has started construction of a speculative 45,000 m2 state-of-the-art logistics complex on an old industrial brownfield site in Beauvais, to the north of Paris, together with French property developer ADM.
The total investment volume of Panattoni’s third development project in France is around €40 mln.
The construction materials of the existing buildings will be recycled where possible with a view to obtaining a Very Good BREEAM sustainability certification. Delivery of the complex is scheduled for the summer of 2023.
Salvi Cals, managing director of Panattoni France, said: ‘This redevelopment is the only large logistics facility under construction in the Ile-de-France region north of Paris. Redevelopments are generally completed in shorter timeframes than new-build developments, are located near urban agglomerations and labour, and benefit from an existing infrastructure. At the moment we see low vacancy rates in the Paris logistics real estate market, confined to around 2%, and this project demonstrates the ability of the Panattoni France team to revitalize a brownfield site with an integrated environmental approach in a record space of time.’
Panattoni sourced the brownfield site in 2021 in partnership with ADM, a company formed recently by French entrepreneur Marceau Pinault to specialize in logistics and industrial redevelopment projects. Upon completion, this maiden logistics complex in Beauvais will target tenants active in retail, consumer goods, e-commerce and logistics providers.
Marceau Pinault, CEO and Founder of ADM, said: ‘This redevelopment project which we are co-developing with Panattoni exemplifies our strategy in the French market, which is based exclusively on the regeneration of obsolete industrial sites at the end of their lifecycle. This example of urban revitalisation will offer a state-of-the-art logistics facility in an attractive, densely populated region without the need to sacrifice a greenfield location.’
Panattoni is targeting a 50-50 division between greenfield and brownfield logistics developments for its French portfolio. More than half of the company’s pipeline consists of brownfield sites and it has already secured a development pipeline of 290,000 m2 in France, including two other brownfield redevelopment projects in Orleans and the Paris region, and it is pursuing several other opportunities elsewhere in the Ile-de-France, Aquitaine and Alsace regions. Panattoni is also currently constructing two greenfield logistics facilities at ‘Paris East Meaux and Troyes, to the southeast of the French capital.
Construction firm BEG Ingénierie is building the new logistics complex in Beauvais while advisor JLL is responsible for leasing activities.
