Valor Industrial Partners 1 (VIP1), an investment partnership between Valor Real Estate Partners and AIG Global Real Estate, has acquired a 62,000m² logistics site in Le Bourget, Paris. The site comprises three buildings set in 22 acres and is fully leased to tenants including La Poste. Situated 14km North of Central Paris and 5km from Paris’ main ring road le Peripherique, the site benefits from having excellent access to local infrastructure, including the A1 motorways and nearby airports of Le Bourget and Roissy CDG. The area is also set to benefit from the extension of “Le Grand Paris” train network as well as investment in local infrastructure for the 2024 Olympic Games.
Valor has also completed a €30m refinancing of three existing French assets in Croissy, Emerainville and Les Ulis, through a bond issue arranged by Venn Partners. The 80,000m² portfolio was acquired from Segro in November 2017.
Christian Jamison, Managing Partner of Valor commented: "I am delighted to announce a further acquisition of scale in a prime, infill Paris location. The park offers substantial potential for repositioning via selective redevelopment and active asset management. The deal underlines Valor’s strategy of investing in preeminent logistics locations with excellent access to key urban centres and transport hubs. In addition, the successful refinancing of our existing French portfolio provides us with further flexibility to capitalise on the exciting pipeline of deals we are seeing both in the UK and European industrial and logistics markets and to continue expanding our portfolio.”
