CBRE Global Investors have acquired four logistics properties around Paris, for a net purchase price of €88.2m, reflecting a net initial yield of 6.1%. The assets were purchased on behalf of one of their separate account clients, from a fund managed by AXA Investment Managers – Real Assets.
The four freehold assets were built during the period 2006-2009, comprising 136,430m² in total. They are located in Brie-Comte-Robert, Saint-Germain les Arpajons, Chelles and Marolles. The first three assets are fully let to strong covenant single-tenant occupiers, whereas the smallest asset located in Marolles is currently vacant.
Jeroen de Grunt, Portfolio Director, Separate Accounts EMEA, CBRE Global Investors said: “This portfolio of good-quality and well-located assets meets our client’s investment criteria, and increases our exposure to one of Europe’s prime logistics markets. It furthermore fits strategically with our client’s existing French logistics portfolio, which is mainly concentrated around Lyon.”
Sigrid Duhamel, Country Manager, CBRE Global Investors France said: “We invested in several logistics properties in France on behalf of other clients earlier this year and we are pleased to have sourced and acquired a good-quality logistics portfolio for our client. In 2017, we will pursue investments in this sector for our clients and we are actively scanning the market.”
CBRE Global Investors was advised by Fairway, Allez & Associés, PwC, JLL, Environnance, Gelé, Riskonet, Ramboll Environ, and Galtier. AXA Investment Managers – Real Assets was advised by CBRE, Clifford Chance and Wargny & Katz.
