Barings Real Estate Advisers, part of Barings LLC, has acquired a logistics facility and office building near Paris from Panhard Group. This property is Barings’ second acquisition in France on behalf of a new pan-European, multi-sector, value-add investment strategy.
This new-construction facility of 30,418 m² of Grade A warehouse and office space is located 35km south of Paris in Le Coudray-Montceaux on the French Dorsale, a motorway that serves as France’s primary logistics corridor and connects the South of France with northern and eastern Europe. This facility is the third structure to be built in the last six years in a new logistics park with well-known occupiers like Carrefour, XPO and Kuhne + Nagel, which will total 195,000 m² following the addition of this latest building. Construction is expected to be completed by the end of July 2018.
Gunther Deutsch, European Head of Transactions at Barings Real Estate Advisers, said, “We are pleased to have secured another great asset for one of our European value-add strategies. The diversity of risk and usage for this value-add strategy in particular now includes office, retail and logistics assets. We are planning to further strengthen our French portfolio not only in the value-add sector but are also looking at Core and Core plus property transactions across the office, retail and logistics sectors within the country.”
Séverine Laffineur, Country Head of France at Barings Real Estate Advisers, said, “We are excited to include this asset in our value-add portfolio in France. The property which will be developed by Panhard Group, one of the main logistics developers in France, will be a unique opportunity along the A6, the famous French strategic logistics corridor. The logistics market in France is getting more mature and still offers a good premium compared to others sectors. Strong demand, coupled with a lack of new prime offerings, as well as the boom of e-commerce, means we are confident that we will be able to secure the letting of this new development in the coming months.”
Barings was advised by Oudot & Associés (Notary), LPA-CGR (Lawyers) and Turnbull & Associés (Technical Advisors). Panhard Group was advised by Panhard & Associés (Notary) and BNP Paribas Real Estate (Real Estate Advisers). BNP Paribas, who arranged the financing, was advised by Etude Rochelois Besins & Associés (Notary) and Shearman & Sterling (Lawyers).
The purchase price was not disclosed.
