Last-mile logistics specialist Valor Real Estate Partners has completed the acquisition of three logistics properties in France, on behalf of its joint venture with QuadReal Property Group.
The prime urban assets are located in Paris, Lyon, and Marseille, and were secured for €100 mln from an institutional investor. The transaction is Valor’s largest by value in 2024 and further extends its footprint in some of France's most sought-after submarkets.
In Marly-La-Ville, a supply constrained North Paris submarket which benefits from its direct access to the A1 highway and close proximity to Roissy Charles de Gaulle airport, the joint venture has acquired a 40,000 m2, multi-let property.
Built in 2004, it is 100% occupied by six tenants, and offers modern specifications, including a 35m truck yard and an 11m clear height. This transaction strengthens Valor’s presence in Marly-La-Ville, where it recently developed a 10,000 m2 cross-dock facility.
In Corbas, Lyon, the joint venture has acquired a 30,000 m2 urban distribution park, which was refurbished in 2012 and is currently 83% leased to five tenants. Corbas, where Valor has been active since 2018, is one of Lyon’s most sought-after industrial submarkets. Valor intends to undertake a near-to-medium term asset management and refurbishment programme.
The third asset is located in Salon-de-Provence, Marseille, where Valor will carry out an extensive ESG-led refurbishment programme to deliver a highly functional cross-dock asset, suitable for 3PL and distribution occupiers. The acquisition is Valor’s first in Marseille, France’s fourth largest logistics hub with a population of 1.7 million, which benefits from excellent pan-European rail and road connectivity.
These acquisitions take Valor’s deployment in France and the UK close to €350 mln of GAV this year.
Ben Brunschwig, principal at Valor, commented: 'This was a rare opportunity to acquire a portfolio of prime last mile assets, suitable for a diverse mix of 3PL and distribution businesses, for whom proximity to major arterial routes and large population hubs is essential.
'Alongside the attractive day one income, there is an opportunity to capture substantial alpha, leveraging our in-house asset management team to deliver a range of value-enhancing initiatives.'
Flavien Caminati, senior vice president at Valor, added: 'Two of these assets are located in markets where we already have an established presence and a deep understanding of the occupier matrix.
'We’re particularly excited to expand our footprint into Marseille, one of France’s most dynamic cities, where we are confident we can replicate the success we’ve achieved in other major European urban centres.'
Thomas Blangy, senior vice president at QuadReal Property Group, commented: 'Our keen interest in the French market aligns with our long-term investment strategy of targeting high-growth urban logistics hubs where supply constraints and strategic locations create significant potential for value creation and delivering sustainable, long-term results.'
CBRE acted as broker for the vendor. Valor was advised by Simmons & Simmons (tax, structuring, corporate), Hogan Lovells (legal real estate), Oudot (notary), and Andine Groupe (TEDD).
