VGP, the listed Belgian developer of logistics and business parks, has acquired a large site currently occupied by car giant Stellantis in the Saclay district in Paris.
VGP plans to develop an 80,000 m2 business park, mainly for small to medium-sized businesses, on 19.4 of the 26 hectares at the Vélizy-Villacoublay site.
The Saclay location on the west side of the French capital is known for its life science and technology occupiers; it is also 15 minutes from Paris Orly airport.
Stellantis was formed in 2021 from the merger of Italian-American and French car giants Fiat Chrysler and PSA Group (formerly Peugot). The company has been rationalising its European sites and is currently building a new green building at Poissy, 30 km west of Paris.
The Stellantis site is the second major French acquisition for VGP after a site in Rouen in Petit-Couronne which will be developed as a 150,000 m2 business park. Jan Van Geet, CEO of VGP, said the latest transaction was ‘an important step in our ambition for develop our business in France, which is a priorty market for VGP.’
The company operates in 17 European countries and had gross assets valued at €6.76 bn, including joint ventures, in June 2023. In August VGP closed a joint venture with Deka which will see them acquire a seed portfolio of five VGP developments in phases valued at over €700 mln.
