Corelog, the logistics vehicle of European property firm TwentyTwo Real Estate, has sold its entire French logistics portfolio to GreenOak Real Estate for an undisclosed sum.
The portfolio comprises seven warehouses located along the French north-south logistics axis totalling 167,000 m2 of space. The assets, acquired between 2015 and 2017 with an average occupancy rate of 76%, are now 94% let.
Corelog, an OPPCI or French private REIT, was launched in November 2015 when it acquired five assets from French listed company Assine for €42.2 mln. In April 2016 it added a vacant warehouse in Miramas for €4.8 mln and in August 2017 it completed the portfolio with a 40,000 m2 asset near Lyon.
Daniel Rigny, founder of TwentyTwo Real Estate, said: 'Corelog aimed to build up a diversified and high-quality portfolio in anticipation of the growing demand for logistics assets, resulting from the development of e-commerce. Our active management led to the full occupancy of the assets and the generation of a recurring income with growth potential, thus raising interest from long-term investors.'
Scaprim, the French subsidiary of TwentyTwo Real Estate, acted as asset manager and property manager.
