AEW Europe announced the purchase of a distribution warehouse in France for 16.0 million on behalf of its core-plus fund, Curzon Capital Partners II. The property has been acquired from Goodman's European Logistics Fund (GELF).
The 26,735 m² facility is situated in a strategic logistics location on the Zone Parc du Beck in the commune of Wattrelos, approximately 10 km to the north of Lille and 5 km from the border with Belgium. The property comprises a modern and high-quality distribution warehouse with a two-story office unit. It was constructed in 2007 and is fully let to Promod SA, who occupies the property as a major European distribution hub, on a 12-year lease from July 2007 with an option to break in year 9.
Rob Reiskin, Managing Director and Head of Investments for AEW Europe, commented, "While modest in size, this investment is forecasted to generate an attractive double-digit current return. Beyond this, we hope that it will be a catalyst for further business with Goodman".
King Sturge advised AEW Europe in this transaction.
AEW Europe also announced the purchase of a distribution warehouse in France for 8.9 million, representing an initial yield of 8.2%, on behalf of its core-plus fund, Curzon Capital Partners II (CCP II). The property has been acquired from EM2C, a regional developer from Lyon. The 14,756 m² facility is situated in a strategic logistics location close to l'Isle d'Abeau, approximately 20 km to the south east of Lyon. The property comprises a modern and high quality distribution warehouse. It has just been completed and is fully let on a nine-year firm lease term.
Rob Reiskin, Managing Director and Head of Investments for AEW Europe, commented, "This defensive, cash flow-oriented investment will sit nicely within our CCP II fund's existing portfolio."
Source: Bellier Financial