AEW Europe in largest French logistics deal of 2011 with €177-million sale (FR)

Pan-European real estate investment manager AEW Europe and GLL Real Estate Partners, the Munich-based fund manager, have completed the largest logistics investment transaction in France this year. AEW acted on behalf of the Curzon Capital Partners II Fund (CCPII) and GLL acquired the portfolio on behalf of one of its fund accounts.

The portfolio comprises eight high quality logistics assets and was acquired for a total consideration of approximately €177 million.

Merrick Marshall, Head of Asset Management for AEW Europe in London said: "Values in the French logistics sector have rebounded strongly since the credit crisis and we believe this is a very opportune time to sell some exceptional assets, both in terms of quality and location, and to lock-in robust returns for our investors."

The portfolio comprises 280,000 m² of high specification, state of the art, class-A buildings in six locations across France, all developed between 2005 and 2010. CCPII acquired the assets with a value add strategy focused on increasing occupancy and creating a high-quality core logistics portfolio.

Rob Wilkinson, Chief Investment Officer of AEW Europe, added: "We are pleased to have completed this transaction which is the culmination of executing our business plan for these assets and has allowed us to take advantage of strong demand for core logistics assets in France."

GLL's Chief Investment Officer, Barry McGowan, speaking about the transaction stated: "This deal was another important step in furthering our global logistics strategy. We've now completed four transactions in four EU countries and look forward to continuing this strategic initiative in the North and South American markets."

Salans acted as legal advisors to CCPII and Gide acted on behalf of GLL. CBRE acted as exclusive advisors to CCPII on the transaction, and Jones Lang LaSalle provided buy-side advice to GLL.

Source: Bellier Financial

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