Cordea Savills buys in Trappes (FR)

Cordea Savills, the international property fund manager, has completed the purchase of a logistics warehouse in Trappes, 30 km west of Paris for €20.7 million on behalf of the European Commercial Fund from Invista European Real Estate Trust.

The asset is fully let to two tenants, Nature & Decouvertes and Veolog, on leases signed at the beginning of 2011, for nine- and six-year terms respectively and was acquired for a net initial yield of 7.3%.

Thomas Guetle, Director of Institutional Business commented, "The high yield of this logistics asset provides investors with a strong income distribution and the location of the property underpins its capital value."

Cordea Savills was advised by Clifford Chance and Maître Jean-Francois le Falher. Invista was advised by Etude Lasaygues and CBRE acted as agent.

The European Commercial Fund offers institutional investors low risk investment in commercial property in the largest economies in the EU. Target markets are France, UK, Nordics, Benelux, Italy and Germany. The Fund has an income focus and targets stable annual distributions of at least 5% and a net total return of at least 7% p.a., after fees and taxes.

Source: FD

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