Rockspring Property Investment Managers ("Rockspring") announces that it has acquired the Paris Oise Logistics Park, located in Longueil Sainte Marie to the North of Paris, for its TransEuropean Property Limited Partnership V fund ("TransEuropean V" or the "Fund"). The property offers a total of 142,313 m² of high quality warehouse space and has been purchased for 78 million.
The property benefits from being located in one of the thriving logistics hubs north of Paris on the A1, the main arterial French northern highway, and is multi-let to a number of strong tenants including DB Schenker, Kuhne & Nagel, DHL, C&A and Etam. It is currently approximately 90% let.
Following this acquisition, the Fund has now completed three purchases totaling close to 200 million, including a portfolio of six retail assets in Sweden, the Löwen Center retail park in Leipzig, Germany and now the Paris Oise Logistics Park.
Charles-Nicolas Tarrière, European Director at Rockspring and Fund Manager of TransEuropean V commented:
"Following the successful launch of our fifth fund in the TransEuropean series, the acquisition of a third asset of institutional quality, with a high yield and an established, quality tenant base represents a strong start to the investment phase of the Fund. The acquisition is in line with our strategy to purchase high quality assets that will deliver high income returns for our investors, and in addition to this acquisition, we have identified a robust pipeline of further investment opportunities that are currently being evaluated."
Rockspring was advised by Jones Lang LaSalle on this transaction.