Valor Real Estate Partners has acquired a prime urban warehouse in Paris for circa €26m, from a private vendor. Having been active in the Paris market since 2017, the transaction is Valor’s first on behalf of its €1bn investment vehicle, in what is Europe’s most densely populated city.
The 15,000m² property, which is in the attractive submarket of Garges-les-Gonesse, north Paris, is within 10km of the 1st Paris ring-road and offers excellent connectivity to the national road network via the nearby A1 and A86. The area is characterised by a shortage of modern warehouse space, with future supply set to be constrained by the allocation of land for residential development. Valor plans to undertake a full refurbishment of the unit to deliver high-specification distribution space suitable for occupiers in the e-commerce and logistics sectors. The asset sits on a 26,000m² site and provides a 33m yard space, providing excellent accessibility and parking provision.
Ben Brunschwig, Senior Vice President at Valor, commented: “This is a significant acquisition in a highly competitive and illiquid sub-market, where there is a shortage of modern distribution space and the majority of assets are in private ownership. The unit offers scale in a dense urban location, and excellent connectivity to central Paris and the wider road network, making it ideally suited for refurbishment as high-specification and environmentally-efficient distribution space.”
