Swedish listed property owner Sagax has made its first acquisition in the French real estate market with the purchase of a 14-property strong portfolio from local asset manager Perial for SEK 455 mln (€45 mln).
Swedish listed property owner Sagax has made its first acquisition in the French real estate market with the purchase of a 14-property strong portfolio from local asset manager Perial for SEK 455 mln (€45 mln).
The portfolio comprises of eight industrial units in Paris, four in Lyon and two smaller assets in other locations.
The portfolio provides a total of 79,000 m2 of rentable space with an average occupancy rate of 83%. Two of the Paris properties are vacant. The remaining 12 assets covering 70,000 m2 are let to over 50 tenants with an occupancy rate of 91%.
The deal reflects a yield of 6.4% for the entire portfolio or 7.3% for the assets excluding the vacant properties.
Sagax said it expects to close the purchase by 15 September, 2016. DBX Conseil and CBRE advised on the deal.
