TH Real Estate has acquired a retail warehouse park under development in the Paris Region for €25 mln.
TH Real Estate has acquired a retail warehouse park under development in the Paris Region for €25 mln.
TH Real Estate will be responsible for the asset management of the property, which was bought in an off-market from French project developer JMP Expansion.
The asset is earmarked for Warburg-HIH Invest Real Estate (Warburg-HIH Invest, previously: Warburg - Henderson).
The property is being developed in Les Haies – Creil St. Maximin retail area about 60km north of downtown Paris. It will offer over 15,000 m2 of GLA, consisting of 10 separate rental units. The park is already 87% pre let with only two vacant units remaining. Development is scheduled to complete in April 2016.
TH Real Estate was advised by RCG as commercial advisor, Wargny-Katz as notary, Ashurst as legal adviser and Turnbull. The vendor was advised by White Stone as commercial advisor, France Hoang, Olaf Dechin, Dominique Ddvriendt as notary and Benoit Raimbert as legal adviser.
Separately, TH Real Estate has also announced the acquisition of two recently developed logistics centres in Germany in joint venture with Palmira Capital Partners.
Located in Mamming near Munich and in Lehre near Wolfsburg, the assets offer a combined lettable floor area of 40,000 m2 and were completed in 2014. They were acquired on behalf of the club fund ICF GLOG (Investoren-Club-Fonds German Logistics). Financial details were not disclosed.
