Valor Real Estate Partners, the pan-European logistics platform, has acquired a 33,000 m2 industrial estate in the core Parisian submarket of Trappes.
Valor paid around €40 mln for the site, in a deal with a fund managed by Savills Investment Management.
The estate, which comprises two buildings on a 20-acre (9 ha) site, is fully let to a leading retailer of homeware, toys and other goods, with an average unexpired lease term of approximately four years and interim break options.
Ben Brunschwig, senior vice president, investment at Valor, said: 'This is a rare opportunity to acquire a large site in a highly desirable submarket where future development will be limited by the lack of brownfield land and local planning priority for housing.
'The rental profile of the Trappes submarket is changing rapidly due to the undersupply of high-quality industrial space for last-mile delivery and we expect to capitalise on this in the medium term by modernising the estate and intensifying the land use.'
The transaction increases Valor’s footprint in the submarket of Trappes, which is located 30 km south-west of Paris, and benefits from excellent connectivity.
In December 2021 Valor completed the acquisition of a nearby 18,000 m2 for a full Grade A refurbishment.
Valor currently owns and manages over 430,000 m2 of urban logistics space in France, with a pipeline of 50,000 m2 to be delivered through its development programme.
The fund managed by Savills Investment Management was advised by BNPP and JLL (brokers) and Allez et associés (notary).
Valor was also advised by Oudot & associés (notary), Simmons & Simmons (legal tax and structuring) and Groupe Andine (TEDD).
