Patrizia has acquired a newly built major logistics warehouse in Andrezieux-Boutheon, 15 km north of Saint-Etienne, France, on behalf of one of its Pan-European logistics funds from Goodman France, the global owner, developer and manager of modern, high quality industrial and business space.
The asset, comprising 61,000m² of logistics space, is a state-of-the-art warehouse located on the "ZAC de l'Orme" industrial estate and is fully-let on a long-term lease to C-Logistics, a logistics affiliate of Cdiscount, the second-largest online retailer in France. The tenant, a subsidiary of the Casino Group, will use the property as its main distribution centre in the Auvergne-Rhone-Alpes region. Saint-Etienne is a strategically important location for Casino Group as the company’s headquarters are based there and it offers excellent connections to Lyon while also being situated along France’s north-south logistics corridor.
Nicolai Soltau, Fund Manager, Logistics Europe at Patrizia, commented: “This latest acquisition adds another high-quality and well-located core asset to our portfolio that will benefit from the robust e-commerce activity in western Europe. C-Logistics has a strong covenant so to sign them on a long-term lease guarantees secure and stable cash flows for our investors in the years to come.”