Encore+, a fund jointly managed by Aviva Investors and LaSalle Investment Management, has partnered JMG to develop two logistics sites in France.
Encore+ has signed an agreement with French developer JMG to develop a logistics platform in the Isle D’Abeau and another in the Sénart logistics hubs.
The pan-European open-ended core plus fund said it has already acquired the Isle d’Abeau land on which a 21,250msq facility will be built. Construction is underway for an expected delivery in mid-2018.
It also said a development contract has been signed on the second scheme in Tigery and construction will begin in the second part of 2018.
Jeffrey King, the fund manager for Encore+ at Aviva Investors, said: “We see these deals as great opportunities to access well-located logistics sites in France, which is a core focus for Encore+.
“These sites offer strong real estate fundamentals with solid take-up, low vacancy rates and scarcity of quality supply and will also improve the income and property diversification of our portfolio as we continue to grow the fund.”
David Ironside, the chief investment officer and investment manager for Encore+ at LaSalle Investment Management, said: “The sites have strong fundamentals and a measured leasing risk to the Fund, and as such provide good portfolio diversification through a build-to-core strategy.”