The logistics property fund CELOGIX Property Fund bought another two logistics distribution centres in France, one in Lyon and one in St. Fargau - Ponthierry. Both centres are strategically located and offer an attractive return.
Expansion
In France, CELOGIX Property Fund already has three logistics buildings. The new modern distribution centre in Lyon has the size of 22,384 m2. It has a long-term lease contract with Hayward Pool Europe S.A and is located in the logistics park La Plaine de lÂ'Ain, close to the A42 Lyon - Geneva and 35 km from the airport of Lyon-Saint-Exupéry. The investment is worth EUR 10.9 million.
The new logistics distribution centre in St. Fargeau - Ponthierry (23,901 m2) was completed in July 2001 and the tenant is Mory Team. The property is situated in the logistics park Z.A.C. de lÂ'Europe, south of Paris, and is directly accessible through the A6 and A104 motorways, at 25 km of Orly airport. The investment is worth EUR 15 million.
Future
Ten Dutch institutional investors are currently participating in the CELOGIX Property Fund. The property portfolio is expected to exceed EUR 200 million in the second half of 2002, which is its investment ceiling. The fund manager, Aberdeen Property Investors, therefore proposes to open up the fund to new investors. The goal is to increase the fund to approximately EUR 400 – 500 million by the end of 2003. The fund qualifies as an investment institution for tax purposes and is not listed. The minimum contribution is EUR 5 million.
(source: Celogix)
