Barings has acquired a new Grade A logistics asset in Muret, Greater Toulouse, from Vectura. The company has also entered into a binding agreement to forward fund the development of a 23,000m² extension of the property. The purchase price was not disclosed.
The 40,000m² building is fully let to a large industrial company, which offers a strong covenant on a long-term lease. After winning the tender for construction, Vectura completed the asset to a high specification in 2016 as a build-to-suit project. The building has a ‘Very Good’ High-Quality Environmental (HQE) rating.
Located 20km south of Toulouse, France’s fourth-largest city, the asset prominently sits along the A64 highway on the Atlantic Corridor, which is one of the two main logistics routes in France. Furthermore, the scheme is strategically located at the crossroads of Southern Europe between Spain, Southern France and Italy.
Severine Maumy-Laffineur, Managing Director and Real Estate Country Head - France at Barings, said: “This acquisition is a strong addition to our French portfolio not only due to its quality and location but also due to the prime covenant and long lease term. Having been built to the tenant’s unique requirements by a high-quality developer, the asset is of strategic importance to the current occupier, which underpins the sustainability of income, whilst also offering an opportunity to add value through asset management over the short to medium term. We look forward to building on our new relationship with Vectura as we continue to build the platform in France.”