Cromwell Property Group, acting on behalf of the Cromwell European REIT (CEREIT), has completed the sale of the Parc de Popey logistics asset in France. The property has been sold for €5.8m to one of Europe’s leading boutique real estate investment firms. Parc de Popey comprises 15,444m² of warehouse space including ancillary office accommodation. It is currently occupied by a major postal service and logistics company largely owned by the French government and is used as one of its key industrial sorting parcel platforms. The asset is located in the central business district in Bar-le-Duc, in the ‘Grand Est’ region in the east of France, and is just over 2km away from the local train station.
Commenting on the sale, Simon Garing, CEO of CEREIT, said: “The sale of this logistics asset demonstrates our ability to recycle capital and create value for CEREIT’s investors. Moreover, at a 21% premium to the latest valuation, the sales price highlights the continuing demand for high-quality logistics assets both in France and across Europe.”
Andrew Stacey, Head of France at Cromwell Property Group, said: “Parc de Popey illustrates our ability to manage and transact assets efficiently and effectively. We continue to see opportunity in the sector in France particularly for well-located assets with good covenants.”