CBRE GI invests in French logistics asset

CBRE GI invests in France logistics market

CBRE Global Investors, on behalf of Zurich Insurance Group Germany, has agreed the purchase of nearly 80,000m² of logistics space across two assets in France. This includes the forward funding of a logistics building in Mauchamps, Paris from the developer JMG Partners. The grade A warehouse and distribution centre, once delivered in Q3 2022, will comprise circa 40,000m² of four back-to-back storage cells and two independent office blocks. It is targeting BREEAM Very Good certification and is fully pre-let to a French supermarket on a nine-year firm lease. The asset is located in one of the biggest logistics markets in Europe. It is approximately 35 km to the south of Paris and benefits from excellent accessibility from the N20, connecting to major motorways in the Southern Paris region. 

 

In a separate transaction, CBRE Global Investors agreed the off-market acquisition of a new 36,000m² grade-A logistics asset in Lyon from 6eme Sens Immobilier. Delivered in June 2021, the asset is targeting HQE Very Performing Certification and is fully let to one tenant. It is located in Lyon’s largest submarket, Nord-Isere, which is approximately 23 km east of Lyon. Lyon is the second-largest logistics market in France. This market is characterised by low vacancy rates and a limited pipeline of development, meaning this asset is well-positioned to benefit from strong rental growth.

 

Riccardo Cobianchi, Head of Real Estate, Zurich Insurance Group Germany, commented: “These acquisitions demonstrate our confidence in the European logistics real estate market. Zurich is currently growing its European exposure into logistics and residential given the diversification benefits and very positive outlook driven by the growth in e-commerce and supportive market fundamentals. This acquisition is another example of how we are embedding ESG principles in our investments. Our long-term goal is to develop a portfolio which is energy efficient and that enhances the wellbeing of tenants in local communities.” 

 

Gautier Beurnier, Country Manager France, CBRE Global Investors, said: “These acquisitions fit Zurich’s investment strategy of targeting prime high-quality logistics assets and confirms our appetite for assets like these, that are located in the most dynamic markets in France and Europe. We have further increased our exposure to one of Europe’s prime logistics markets and we continue to actively look for opportunities in this sector. “

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