ICG Real Estate has launched a new investment platform together with Paris-based specialist investor and asset manager Atlantic Real Estate. The platform will target a €500m+ gross asset value portfolio via acquiring or developing last-mile logistics and light industrial assets across Greater Paris and other major population centers in France. The venture is seeded with a portfolio of 26 assets, representing approximately 100,000m² of high-quality distribution space, fully let to large corporate and government tenants.
The portfolio is the first transaction for the new ICG Real Estate Opportunities strategy and has been sourced entirely off-market. ICG Real Estate Opportunities targets value-add and opportunistic investments between €50-150m of equity, primarily across France, Germany, and the United Kingdom. The strategy will focus on special situations and platform building across the distribution, industrial and living sectors.
Commenting on the new platform, Adam Golebiowski, Managing Director and Co-Portfolio Manager for ICG Real Estate Opportunities said: “We are excited to partner with Atlantic Real Estate and to have secured a large and attractive seed portfolio for this opportunistic strategy. We continue to see good underlying fundamentals for well-located distribution assets across France and our platform is best placed to take advantage of current market dislocations and emerging opportunities.”
Fabien Ayvazian and Yoel Cytron, Founders and Co-CEOs at Atlantic Real Estate, added: “The French logistics market is one of the most attractive in Europe given the low vacancy, constrained supply of land and strong growth in e-commerce that will support rental growth going forward. We are currently working on several new investment opportunities and are looking to capitalize them as we continue to grow our venture with our trusted partner ICG Real Estate.”