EDF Invest, the investment arm of the EDF Group and Generali Real Estate announce the signature of a co-investment agreement whereby EDF Invest acquires from Generali France 50% of the vehicle OPPCI Parcolog Invest. The other 50% of the vehicle continues to be owned by the Generali Group, mainly through the Generali Real Estate Logistic Fund (GRELF) managed by Generali Real Estate SGR S.p.A.
OPPCI Parcolog Invest owns nine high-quality logistics assets in France worth around €400m, including a park comprising two assets in Moussy le Neuf, near Roissy, and two XXL platforms in Henin Beaumont, Lille, and in Plaine de l’Ain, Lyon. The portfolio includes assets in Marseille Clésud, Avignon, Bourg en Bresse, Le Mans and in the Lille region.
The co-investors plan to grow the portfolio over the next years through new acquisitions and developments in logistics.
For Generali, OPPCI Parcolog Invest will be the main vehicle for logistics investing in France, while continuing to expand in continental Europe logistics with the Generali Real Estate Logistics Fund (GRELF), managed by Generali Real Estate SGR and reserved for professional investors, which is also a shareholder in OPPCI Parcolog Invest. Thanks to the investment of the pan-European GRELF fund and to the co-investment of EDF Invest, this operation substantially contributes to the disciplined growth of the logistics portfolio managed by Generali Real Estate, by partnering with third-party capital.
OPPCI Parcolog Invest has obtained a financing from a primary pool of lending banks: CACIB, BNPP and Societe Générale.
Asset Management of the portfolio will be provided by Generali Real Estate S.p.A. and Property Management by Parcolog Gestion / Primelog.
Sebastien Pezet, Head of Western Europe at Generali Real Estate S.p.A., commented: “We are proud to be able to continue the partnership with EDF Invest, initiated two years ago on offices, and now extending to logistics, a strategic asset class for Generali Real Estate. The trust of our partners honours us and encourages us to find investment solutions corresponding to their objectives in this competitive sector.”
Pierre-David Baylac, Head of Logistics at Generali Real Estate S.p.A., declared: “We are delighted to collaborate with EDF Invest in a co-investment program that will allow us to increase our presence in France in a sector which is buoyant, at an opportune market moment. We are looking forward to continuing our expansion in logistics in France through OPPCI Parcolog Invest, and in continental Europe with the GRELF Fund.”
Clemence Caniaux, Head of Real Estate at EDF Invest, declares: “EDF Invest is very pleased with this acquisition from Generali of a stake in a high-quality logistics portfolio, with prospects for future developments, which strengthens the exposure of our portfolio to the logistics sector, in line with our strategy. We are delighted to be able to continue the partnership with Generali through this operation with a long-term perspective.”
Written by Leon Goldwater for Europe Real Estate.
Image source - Generali Real Estate.
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