Catella Real Estate AG (CREAG), from January 1, 2025 forming Catella’s new format of fund investment platform together with Catella Investment Management GmbH (CIM), advised by local operating partner Aquila Asset Management SAS (Aquila), acquires three stabilized new logistics properties with a total lettable area of approx. 18,750m² in the French cities of St. Etienne and Avignon for the special AIF "Catella Logistik Deutschland Plus" (CLD+). The seller of the fully let properties is the French developer Vectura Immobilier. The long-term tenants are a logistics company and a parcel service provider.
CIM is the advisor of the ”Catella Logistik Deutschland Plus” Fund with Catella Real Estate AG providing the German KVG platform.
Wolfgang Oelke, Business Unit Manager Commercial at CIM, said: "We are proud to have secured our first logistic investment for ’Catella Logistik Deutschland Plus’ Fund in France. With this portfolio acquisition, CIM takes over 3 modern cross-dock logistics assets leased to strong tenants in strategic locations in France”, says. "The Fund has now 23 properties spread across 4 European countries, while expects to keep growing and improving ESG standards to fulfill its ecological objectives.”
Olivier Levesque, Managing Director and Partner at Aquila Asset Management SAS, added: “We are thrilled to be on CREAG’s side for their first logistics acquisition in France. Logistics is a strategic asset class for Aquila, and we will focus on seizing more opportunities over the coming years with Core and Value-added strategies.”
In St. Etienne, Catella acquired two newly delivered cross-dock logistics properties on two adjoining plots in Rue de la Talaudiere with a total plot area of approx. 50,000m². The first property with a rental area of approx. 8,600m² (of which 92% of warehouse space and 8% of office space), was completed in February 2024 and handed over to the sole tenant, a logistics company. Completion of the second property with approx. 5,950m² of rental space (of which 92% of warehouse space and 8% of office space), was delivered, and fully let to a parcel service provider in December 2024.
CLD+ aims to obtain a BREEAM "Very Good" certification for the properties. Both properties benefit from the latest technical specifications, including a floor load-bearing capacity of 5 t per m² and a clear height of 9.2 m. The roof areas are to be rented out for the operation of a PV system.
St. Étienne is located in the southeast of France, about 60km southwest of Lyon, one of the country's most important economic centres. This location connects both to the French logistics backbone and to the centre of France.
The cross-dock logistics property at 370 av. Thomas Edison, Sorgues near Avignon, has a total leasable area of c. 4,200m², (of which 93% of warehouse and 7% of office space). The existing property went through a heavy renovation that ended in October 2024, achieving a highly modern building for the new tenant. The plot offers the option of installing solar panels on site. The property is fully leased to a parcel service provider through a 10-year lease.
Sorgues is located in the southeast of France in the department of Vaucluse in the Provence-Alpes-Côte d'Azur region. The town is located around 10km east of Avignon, around 90km southwest of Marseille and around 110km south of Montpellier. Its geographical location in the Rhône valley gives Sorgues, like St. Etienne, a strategically favourable position within the urban logistics corridor of the French backbone.
The properties were developed and managed by the French developer Vectura Immobilier. Vectura was founded in 1975 as a family-owned logistics company. Over the years, Vectura has continued to develop by building its first logistics hall for its own use. In 2000, the logistics company was sold and since then the company has mainly focused on the development and management of industrial and logistics facilities in France. Vectura manages the entire value chain: from land acquisition, development, new construction, major renovations and project financing to subsequent leasing and rental management.
For this acquisition, Catella Real Estate AG was advised by local operating partner Aquila Asset Management SAS who will then perform the properties’ asset management.
Catella Real Estate AG received legal advice on the purchase from White & Case, tax advice from EY, technical advice from Delpha Conseil, notarial support was provided by Allez & Associés Notaires.
Image source - Catella.
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