PGIM Real Estate has acquired a 100,000m² grade-A logistics platform located in Salon-de-Provence, 60km north of Marseille, on behalf of an institutional investor. PGIM Real Estate is the real estate investment business of PGIM Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The logistics platform is located in an established area highly sought after by both prime retailers and logistics specialists. It further benefits from direct access to two highways linking the north and south of France, allowing the delivery of goods across the entire Mediterranean arc and the Lyon-Marseille axis.
The property was built in 1995 as a turnkey property for Carrefour and was extended in 2003 and 2017. It comprises two structurally independent buildings – one dedicated to ambient storage and the other to cold storage – on a 240,000m² plot. It is 100 per cent let to retailer Carrefour with a remaining firm period of approximately eight years.
Both buildings comply with all the latest grade-A logistics requirements and allow for cross-docking operations.
“The warehouse’s strategic micro-location, size and rare technical specifications that anticipate the future needs of the logistics industry, along with a positive outlook for the long-term drivers of demand for logistics, means that this is an ideal opportunity for our investor,” said Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal. “This transaction further demonstrates PGIM Real Estate’s ability to execute on core strategies in the logistics sector, in addition to the value-add office acquisitions that we have more recently completed.”
The sellers were advised by Edmond de Rothschild and notary Frémont et Hey.