Barings Real Estate Advisers, one of the world’s largest diversified real estate-focused investment advisers, announces that it has acquired a land in the CRT of Lesquin (Lille, France) from Norauto.
The demolition of the existing vacant building and the construction of a new 10,292m² Grade A refrigerated warehouse unit will be undertaken by Virtuo Industrial Property with whom a “Contrat de Promotion Immobilière” has been signed. Once completed, in 12 months’ time, the future property will be fully let to XPO Logistics on a fixed nine year lease.
The purchase has been made on behalf of a pan-European core investment strategy, which targets attractive cash returns by investing in office, retail and industrial assets in major European markets. Barings was advised by Oudot & Associés (Notary), Fairway (lawyers) and Tostain & Laffineur acted as brokers.
Severine Laffineur, Head of France at Barings Real Estate Advisers, added: “The logistics sector continues to present a compelling case in France as well as Europe more broadly, as it has benefited hugely from structural changes in the way that consumers and companies operate in past years.”
