Valad, the European multi-let real estate investment manager, announces the acquisition of a newly constructed 6,011-m² light industrial park located in La Courneuve, Ile-de-France for 6.1 million. The park was acquired on behalf of Valad's Parc d'Activités fund and will be called VALAD PARC Jean Mermoz.
Situated to the north of Paris in Seine-St-Denis, VALAD PARC Jean Mermoz comprises a total of 6,011 m² of light industrial space across seven units of approximately 900 m² each.
Valad's Parc d'Activités fund, which is still in its acquisition phase, invests in multi-let industrial estates, with the majority of the estate currently located in the Ile-de-France area. Valad is currently seeking further investment opportunities in France in both the industrial and office sectors.
Laurent Roussel, Valad's Head of France, commented: "The VALAD PARC Jean Mermoz is a high-quality asset and an excellent addition to our French portfolio. Having successfully completed the acquisition, we are now focused on implementing our business plan for the property and will focus on leasing the units to businesses that require prime, light industrial space in the Ile-de-France region."
Valad's 42 properties in France are held in four of its 15 funds and amount to over 500 million in value. The French estate comprises over 700,000 m² and 900 tenants, managed by Valad's team of 25 experienced property professionals located in its office in Paris.
Source: Tavistock Communications