Barings acquires Paco logistics portfolio in France

Barings acquires Paco logistics portfolio in France

Barings Real Estate has acquired a 90,000m² prime logistics warehouse portfolio (also known as Paco Portfolio) located in Savigny le Temple and Reau, in the southern part of Paris. The investment is part of Barings’ pan-European core-plus investment strategy, on behalf of an institutional investor. The purchase price was not disclosed.

 

The portfolio contains two grade A warehouses and is ideally located on the French Dorsale, a strategic axis connecting the largest cities in France: Lille, Paris, Lyon and Marseille. The Savigny-le Temple warehouse was constructed in 2004 and is classified as a Seveso low. It comprises 22,512m² and is fully let to one of the world's largest providers of transportation and logistics services. The property is also fully permitted for a 10,200m² extension. The Reau warehouse was built in two phases and comprises a total 67,000m² with 42,000m² pre-let to a French logistics firm, and 24,950m² recently completed in late October 2018 with active letting in process. 

 

Severine Maumy-Laffineur, Barings Managing Director & Real Estate Country Head - France, said: “This is Barings’ third logistics acquisition in France this year, bringing our total French logistics portfolio to approximately 160,000m². With the continued growth in online sales, logistics assets remain attractive investments for institutional investors interested in long-term growth opportunities. Given our global footprint and expertise across sectors, we are confident in our ability to complete the lease-up of the Reau property and we look forward to growing our portfolio in France with additional investments in the core to value-add profile. Thanks to the Paco Portfolio acquisition, Barings has increased significantly their real estate assets under management in France to seven assets for a total net value of approximately €200m.”

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