Amundi Real Estate is continuing to deploy equity despite the coronavirus crisis.
The French asset manager is believed to have completed the acquisition of Zalando’s state-of-the-art 130,000 m2 fulfilment centre in Lahr in south west Germany near the French border.
The investor, which is said to be seeing strong inflows for real estate from its retail investor base, is thought to have acquired the German asset from Goodman Group at a sub 4% yield.
Amundi is also thought to be proceeding with the acquisition of an office building in southern Paris called Tangram. The asset manager was granted exclusivity shortly before France went into lockdown in mid-March, by vendors InfraRed Capital Partners and its local partner Hemisphere.
The Lahr logistics warehouse is one of three in Germany which was developed for German e-commerce retailer Zalando by Goodman in a partnership which began several years ago. The others were in Erfurt and Mönchengladbach.
Three weeks ago, Goodman entered into an agreement to sell its whole central and eastern European business - both investments and staff - to Singapore-based GLP which operates as Gazeley in Europe, for approximately €1 bn.
Goodman said it intends instead to scale up in Germany, France, Spain, Benelux and Italy.
The Paris asset is in the Malakoff district, 5 km south-west of the Paris CBD, on avenue Pierre Brossoette. Comprising two buildings connected by a bridge, Tangram provides 14,300 m2 and was started in 2017 without any tenants.
It is now 100% leased. The district will ultimately benefit from upgraded infrastructure on line 15 of the Grand Paris Express.
InfraRed and Hemisphere exited another value-add Paris office project called Konect three weeks ago. The 11,300 m2 building in north Paris was acquired in 2016 as a development project from French developer Eiffage and completed and let by September 2018. It was bought last month by Macifimo.