Deka Immobilien has exchanged contracts to secure the purchase of a logistics portfolio in northern France for approximately €136m under a sale and leaseback transaction. The three logistics centres are intended to become part of the portfolio of the WestInvest TargetSelect Logistics sector fund, which is aimed at institutional investors. All of the properties are fully leased to LOG's, a leading logistics provider in northern France.
Two of the properties are located in Wattrelos in the Urban Community of Lille Metropole and have a total leasable space of almost 130,000m². The third is located in Maubeuge, a town on the French-Belgian border well-known for its automobile industry, and has a leasable space of around 25,000m². While two of the logistics centres were completed in mid-2020 and are already in use, the largest centre in Wattrelos is expected to be completed in June 2022. The completed building in Wattrelos has been certified "Very Good" by BREEAM, the UK quality seal for sustainable building practices.