Prudential has acquired a logistics warehouse with a surface of 27,000 mÂ² situated in the North-West of Paris. The purchase represents an net initial return on investment of 8.65%.
The warehouse was developed by Etoile DÃ©veloppement and has been leased by Darty for a period of nine years of which six years are fixed. Darty has the possibility of enlarging the warehouse during the period of lease. Prudential was advised by Jones Lang LaSalle.
The investment was managed by LaSalle Investment Management which works in cooperation with Jones Lang LaSalle to advise Prudential on its program of international investments.
Chris Taylor, director of Portfolio Management at Prudential Property Investment Managers, said: âWe are delighted to have increased our presence in the French logistics sector. This corresponds perfectly with our European strategy and underlines our capacity of being able to perform in a very competitive market. This acquisition is the fifth of Prudential in France and we are in the process of reviewing possible future transactions.â
Source: Business Immo