PGIM Real Estate has acquired a 100,000-m2 grade-A logistics platform located in Salon-de-Provence, 60 kilometers north of Marseille, on behalf of an institutional investor.
PGIM, the real estate investment management arm of US group Prudential Financial, said that the core acquisition was financed with debt from Deutsche Pfandbriefbank. Financial details were not disclosed.
Built in 1995, the logistics platform is located in an established area and comprises two separate buildings – one dedicated to ambient storage and the other to cold storage – on a 240,000-m2 plot. It is 100% let to retailer Carrefour with a remaining firm period of approximately eight years.
'The warehouse’s strategic micro-location, size and rare technical specifications that anticipate the future needs of the logistics industry, along with a positive outlook for the long-term drivers of demand for logistics, means that this is an ideal opportunity for our investor,' said Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal. 'This transaction further demonstrates PGIM Real Estate’s ability to execute on core strategies in the logistics sector, in addition to the value-add office acquisitions that we have more recently completed.'
PGIM Real Estate was advised by notary Wargny Katz, law firm De Pardieu Brocas Maffei and technical consultancy Etyo. The sellers were advised by Edmond de Rothschild and notary Frémont et Hey.
