Allianz Real Estate, acting on behalf of several Allianz group companies, has expanded its logistics footprint in France with the purchase of a 100% stake in a core logistics portfolio valued at €200 mln.
Belgian group AG Real Estate sold the portfolio consisting of four French core logistics properties.
The four assets, located in Réau, Pont-d’Ain, Chaponnay and Onnaing, offer a total gross leasable area of 188,000 m2. Constructed between 2005 and 2018, each site offers excellent accessibility to the national motorway network and lies in close proximity to one of the three leading French cities: Paris, Lyon and Lille – within the country’s logistics ‘corridor’.
The portfolio is also well diversified in terms of tenants which include CDiscount – an e-commerce leader in France.
The deal is the latest in the logistics sector by Allianz, which in July this year bought the first tranche of an €80 mln logistics portfolio in Italy, while in February it also acquired a Nordic logistics portfolio. More recently, the firm completed a €232 million logistics acquisition through a joint venture for assets located in Germany and Czech Republic.
In total, the company's logistics portfolio has a value of €6.6 bn as at 30 June 2019.
The acquisition also builds on Allianz’s relationship with AEW, as the firm announced in March that it had partnered with them to launch a new develop-to-core strategy focused on funding speculative developments within the UK logistics sector.
'Our investments in grade A logistics portfolios in prime locations continue to grow, consolidating our position in a dynamic market, and we are delighted to have been able to strengthen our relationship with AEW, a trusted partner with rich experience in the French logistics market,' said Hugues Braconnier, head of Logistics, Allianz Real Estate. 'Logistics occupies a central role in our wider investment strategy and the acquisition represents the next step in creating a large logistics platform in France and across Europe.'