CBRE Global Investment Partners (GIP) has acquired a portfolio of logistics assets in France for €240 mln in a joint venture with Arax Properties, who has been retained as the local operating partner. The vendor was a fund managed by Apollo.
The 439,835 m² ‘Nautilus Portfolio’ comprises 12 distribution centres located primarily in the main French logistics corridor running between Lille and Marseille. Asset sizes range between 20,000 m² to 70,000 m² and the portfolio is 98% let to five tenants. These include major proprietary and third-party logistics providers with strong covenants: Easydis, Dachser, Logidis, Transalliance and Elbee.
Jeremy Plummer, CEO of CBRE Global Investment Partners commented: “We believe the weight of capital in the European real estate market chasing logistics assets will drive further yield compression making this a particularly attractive sector to invest in.
“The Nautilus portfolio has strong property fundamentals – high occupancy rates, a lack of supply where these assets are located and knowing that one of our major tenants considers these sites as part of their long term business plan. We expect the portfolio to deliver a strong income return for our investors.”
Source: CBRE Global Investment Partners
