Tristan Capital Partners has completed its fourth acquisition in France in 12 months on behalf of funds that it advises.
Curzon Capital Partners IV (CCP IV) has purchased six French logistics warehouses and a development site from Prologis for around €110 mln, or a net initial yield of 7.5%.
'This is the first logistics Portfolio acquisition in France for Tristan funds and we are privileged to have secured long-term income from Grade A occupiers in these institutional quality, well located assets,' commented Jean-Philippe Blangy, managing director at Tristan Capital Partners. 'We see good potential to generate attractive returns for our investors with these logistics warehouses, by working closely with existing tenants and possibly developing new space. We will continue to look for new opportunities in both opportunistic and core plus segment.'
CCP IV has acquired a total of 207,500 m2 of warehouses that are fully occupied. Four of the assets are near the prime logistics hubs of Lille, Paris and Marseille, while the remaining two are in key locations on the main Paris-Bordeaux road transit route. The 9.2-hectare development site is near Poitiers and has the potential for a new 20,000 m2 facility.
The portfolio is currently fully leased to a mix of tenants including tyre manufacturer Michelin and budget supermarket chain Atac.
CCP IV has partnered with STAM Europe in the logistics portfolio transaction. It will act as the fund’s local operating partner and advise on asset management of the six warehouses. Olswang acted as legal counsel and Racine acted as tax counsel for CCP IV on the purchase of the logistics portfolio, while JLL advised on due diligence.
BNP Paribas Real Estate acted as advisor to the vendor.
