Aerium, the European real estate fund manager, has completed on the disposal of two logistics properties located in Southern France to Gramercy Property Europe, a vehicle advised by the pan-European real estate investment fund manager Gramercy Europe Limited. The transaction was structured as a share deal.
The two properties total 40,809 m² of high-quality warehouse space, and are both fully let to Transgourmet, the international wholesaler, with nine years remaining on each lease. Saint Martin, the larger of the two assets at 22,909 m², is located in the South East of France, 50km outside of Marseille, in a prime industrial area. Built in 2003, updated and extended more recently, Saint Martin stands in excellent condition offering a mix of office, warehouse and parking space.
The second asset, Castelnau, is located in the South West, 20km outside of Toulouse, in the heart of a growing industrial area offering strong connectivity. The property comprises 17,900 of office, warehouse and parking space, initially built in 2004 and since updated and extended.
Aerium acquired both properties in 2003 and has since managed them extensively, securing the current long-term leases with Transgourmet in 2014, ensuring they were brought to market in prime condition.
Jacques Mercier, Senior Asset Manager at Aerium, said: “Having now delivered on our intended asset management strategy for these assets, we’re pleased to sell them on to Gramercy to lead the properties through their next phase of growth. These assets are both located in key logistics hubs and benefit from a strong covenant providing long-term stable income. We look forward to seeing them continue to prosper.”
Michael Heal, Managing Director of Gramercy Europe Limited, added: “These two acquisitions, located in fast growing French industrial hubs, further complement our existing portfolio of high-quality logistics assets, as we continue to focus on delivering attractive returns for our investors.”