Rockspring Property Investment Managers has acquired a French logistics portfolio for €48 mln. This was the third French logistics deal on behalf of Rockspring's TransEuropean V, and lifts the fund's exposure to the sector in the country to more than 280,000 m2.

Rockspring Property Investment Managers has acquired a French logistics portfolio for €48 mln. This was the third French logistics deal on behalf of Rockspring's TransEuropean V, and lifts the fund's exposure to the sector in the country to more than 280,000 m2.

Sold by CBRE Global Investors, the portfolio comprises 98,000 m2 across four separate assets. Two of the properties are situated north of Paris, in Moussy-le-Neuf and Verneuil-en-Halatte. The third is in Saint-Quentin-Fallavier, which is close to Lyon and the fourth is in Saulce-sur-Rhone, which is between Valence and Montelimar.

The portfolio is currently 95% leased to tenants including DSC, a subsidiary of French multi-national Saint-Gobain, European electrical retailing group Darty, and the transport and logistics providers Transmec Group and 3PL.

The transaction represents TransEuropean V’s third logistics acquisition in France, adding to Paris Oise Logistics Park in Longeuil Sainte Marie north of Paris and Dagneux Logistics Park in Lyon, and increases the Fund’s French logistics holdings to more than 280,000 m2.

Paul Hampton, Rockspring Partner and fund director of the TransEuropean series said: 'As we complete the investment phase for TransEuropean V, this portfolio provides a strong addition to the existing assets in the key French logistics zones and is in alignment with the fund’s investment strategy to acquire well-located, high-quality real estate in markets which have supply-side constraints and good prospects for rental growth.'

TransEuropean V was launched in 2012 with an ability to invest €700 mln gross asset value and was designed to enable investors to benefit from the re-pricing of the European property market and create a blend of high-cash-yielding core-plus and value-adding real estate.

The fund is now 95% committed with investments in France, Switzerland, Germany, Sweden, Spain, the Netherlands, and the UK. Rockspring is currently fundraising for TransEuropean VI, with a target equity of €400 mln for launch later this year.

The vendor
CBRE Global Investors brought the portfolio to market on behalf of the Logistics Property Fund Europe (LPFE) which was launched in 2002.

Pierre-David Baylac, fund manager of LPFE and chairman of the European Industrial Platform at CBRE GI, said: 'This sale is a great result for the investors of LPFE and is in line with our disposal strategy once our asset management plan for particular assets is complete. A number of leases from this portfolio were renewed making it a stable and attractive portfolio for sale.

'With 2.3 million m2 of logistics under management in continental Europe, we are one of the most active investors within this sector. In 2014 we committed more than €400 mln in logistics and we have similar ambitions for 2015. In parallel, we are also disposing of stabilised portfolios when we are able to generate good performance for our investors.'

CBRE Global Investors was represented by JLL, CBRE and Allez & Associés, while Rockspring was advised by Les Notaires du Quai Voltaire.