Foncière des Régions, advised by CBRE, has completed the sale of the Eurostore logistic park in Gennevilliers (Paris North) to AXA Real Estate.
The 65,000 m² scheme is spread over two buildings and consists of a 56,000 m² of warehouse and 9,000 m² of office space. The buildings are leased to seven renowned tenants specializing in wholesale distribution and logistics.
The Eurostore site was developed by GA in 1976 on a 10 hectares land area. It was fully refurbished in 1994, 2004 and 2012 and is entitled with all ICPE authorizations.
This transaction was closed by CBRE entitled with an exclusive sale mandate with the support of étude Cheuvreux as the seller notary. The buyer was assisted by the Notary étude Wargny Katz.
Amaury Gariel, Managing Director EMEA Industrial & Logistics at CBRE, commented:
“As the site is located 5 km in the north of the Paris Périphérique, occupiers have a unique and strategic access to Parisian consumers. The location is ideally providing a key advantage to an e-Commerce specialist. Also, this transaction perfectly reflects the growing appetite of specialised investors looking for a solid stable long term income with a potential exit benefit. Logistics in that perspective is the most performing asset at the moment.”