CBRE Global Investors has acquired three logistic assets in France for a total purchase price of €58.9 million, reflecting a net initial yield of 7.6%. The assets have been acquired on behalf of one of its separate account clients from funds managed by INTERNOS Spezialfondsgesellschaft mbH, including CRS Immo-Spezial Fund (Satolas asset), EURO LOGISTIK 1 Fund (Mer & Saint-Priest assets).
The two assets in Mer (near Orleans) and Satolas (near Lyon) were both transferred immediately. The asset in Saint-Priest (near Lyon) is expected to be transferred in the upcoming weeks.
Commenting on the transaction, Jeroen de Grunt, Portfolio Director, Separate Accounts Continental Europe, CBRE Global Investors said: “This core portfolio of good quality and well located assets meets our client’s investment criteria as well as increasing their exposure to one of the prime logistics markets – France.
Logistics has been a key sector for us to target this year for our client and we have already completed on nine assets totaling almost €200 million. These have been bought in The Netherlands, Belgium, France and Germany and we expect additional acquisitions in the last quarter of 2014.”
Will Rowson, Chief Investment Officer for EMEA for CBRE Global Investors added, "Our selective approach to logistics across Europe is yielding results through the smart sourcing efforts of our local teams. We are approaching €300 million of logistics acquisitions in 2014 with a sizeable pipeline of transactions still to conclude and with additional client requirements ongoing."
Guillaume Masset, Head of Benelux and Southern Europe at INTERNOS Global Investors, commented: “'These disposals follow the completion of our asset management programmes for the properties and demonstrate not only our capability of structuring 'off market' exits if needed but also our continued ability to optimise value for our investor base through the expertise of our locally based team in France.”
Source: Internos Global Investors