Valad Europe, part of Cromwell Property Group, has announced the sale of the North Stars portfolio in France to a joint venture led by Foncière Magellan for €38.4 mln.
The portfolio was traded from Valad's European Income Fund.
It comprises five multi-let light industrial estates totalling 68,023 m2 and is let to 86 tenants. Parc des Béthunes, a 25,125 m2 industrial park located in Saint-Ouen-l’Aumône, in Paris region, is the largest asset in the portfolio, followed by the 14,788 m2 Parc du Triolo located in Villeneuve d’Ascq, northern France.
The three other assets making up the portfolio are located in the east of France and include the 12,700 m2 Parc des Deux Fontaines in Metz, the 11,766 m2 Parc de Hautepierre in Strasbourg and the 3,644 m2 Parc des Peupliers in Nancy.
Karl Delattre, Valad Europe's head of France, commented: 'This portfolio sale is part of the overall strategy to reduce the Valad European Income Fund’s exposure to regional French locations and dispose of non-strategic assets. It also reflects Valad’s broader strategy in France to target a more diversified range of assets in the office and retail sectors, as we continue to deploy capital for funds such as our Valad European Diversified Fund.'
BNP Paribas Real Estate acted for Valad in a co-exclusive mandate with CBRE.
Valad Europe manages €4.7 bn of real estate assets and investment capacity across its 24 funds and mandates in Europe, with 30 assets in France, providing 480,000 m2 of leasable space.
