Valor Real Estate Partners has acquired three last mile logistics properties in Paris, and one in Lyon, for €50 mln on behalf of its joint venture with Quadreal Property Group.
The off-market transactions total 30,000 m2.
In Goussainville, North Paris, the joint venture has acquired a 7,000 m2 vacant building, where it intends to undertake a comprehensive ESG-led refurbishment programme, targeting a June 2025 completion date. The highly functional property, which features excess land suitable for external storage or HGV parking, benefits from excellent arterial connectivity, making it ideally suited for 3PL and specialist last-mile operators. A permit has already been obtained and works will start in Q4 2024.
In Lyon, the joint venture has acquired a high specification 10,000 m2 vacant warehouse, constructed in 2012, ideally suited for 3PL and specialist last-mile operators. Strategically located in the infill north Lyon industrial market of Miribel, its proximity to the Lyon ring road provides excellent access to the city centre in less than 10 minutes.
Also in Paris, the joint venture has acquired, in separate transactions, a 5,000 m2, fully let property located close to Orly Airport, and a 6,000 m2 vacant property, in West Paris, where Valor will carry out an extensive refurbishment programme to deliver a highly functional cross-dock asset.
All four buildings will benefit from BREAAM certifications and energy savings features, such as LED lighting or building management systems.
Ben Brunschwig, principal at Valor, commented: 'Our disciplined focus on select high growth metropolitan areas in France, coupled with a data driven local market approach and deal sourcing capabilities, is enabling us to continue deploying capital at an attractive entry point. With new supply increasingly constrained by competition for land from alternative uses, and supportive technological and demographic mega trends, we have a high conviction that our value add strategy will continue to generate both rental and capital growth outperformance. We see the rest of this year and next as an exciting time to accelerate deployment, extending our market leading last-mile platform.'
CBRE acted as broker for the Paris transactions, and LGT Conseil for Lyon.
