Tristan fund expands French logistics platform with €44m buy

The portfolio, which will form part of the funds dedicated French logistics and light industrial platform, comprises 72,000 m2 of logistics and is fully let to seven tenants which include Bolloré Logistics, Intermarché and Lidl among others.

Two of the assets are located in industrial zones in Eastern France close to Nancy area and one asset in Normandy at Grand Couronne in a district belonging to Rouen harbour.

Thibault Ancely, managing director at Tristan Capital Partners, said: ‘This latest transaction was our third acquisition in logistics for the sole month of March 2022 and we are also due to close on a pre-let development in North of France this month. The Essentials portfolio expands the parameters of our platform with the addition of big-box logistics whilst also further strengthening and diversifying our tenant base.’

He added: ‘Alongside our local operating partner, Arkea Real Estate, we have now acquired 87 logistics and light industrial assets in France, and we continue to assess future opportunities to extend this further.’

Arnaud Malbos, head of Investment Europe at Ivanhoé Cambridge, added: ‘These three assets were part of our 2020 acquisition of the broader French logistic portfolio from Carlyle and we are happy to have executed exits according to plan in a flawless and efficient manner thanks notably to Tristan’s experience in dealing with logistics. We remain a leading investor in the logistics sector and we aim to focus our efforts on the main logistics corridors in Europe. Our main ambition is to continue to grow our Hub & Flow platform in continental Europe.’

Episo 5 was advised by R&D Notaires and legal firm Lacourte Raquin Tatar and on commercial matters by Nexity Conseil et Transaction. Ivanhoé Cambridge was advised by Allez & Associés, legal firm Gide Loyrette Nouel, Panhard and BNPP Real Estate with CBRE.