Financial details were not disclosed.

The asset is located in Le Coudray-Montceaux on the outskirts of Paris and includes 30,420 m2 of space. It is leased to a leading logistics service provider on a long-term agreement, according to Savills IM.

Laurent Vouin, head of France and Benelux at Savills IM, commented: 'This purchase gives ELF 2 yet another first-class distribution warehouse in France. Due to its excellent location, the strong credit rating of its tenant and its flexible use of space, the asset fits the fund’s investment strategy perfectly. Its location also adds to the fund’s geographic diversification, given its French portfolio now includes properties in Orléans, Bordeaux, Lyon and Paris.'

Barings agreed to forward fund the speculative development in 2017 and the high-quality distribution warehouse was completed in September 2018, achieving a BREEAM ‘Very Good’ rating. The sale marked Barings’ first divestment in France, having entered the market in 2016.

'This sale is ahead of our value-add business plan and delivers exceptional returns for our investors,' said Severine Maumy-Laffineur, Barings' managing director and country head for France. 

He added, 'When we agreed to forward fund this asset we saw an opportunity to capitalise on the strong demand for prime logistics assets on the edge of the French capital. This was evidenced by our ability to attract a high-quality tenant before the asset had completed.'

The transaction marks Savills IM’s second purchase in France for ELF 2 within a matter of weeks, after recently purchasing another distribution warehouse in the Lyon region. The fund now holds a total of 16 properties in six countries, four of which are in France.

Savills IM was advised by Allez & associés, De Pardieu Brocas Maffei and Drees & Sommer. Barings was advised by Oudot & Associés and BNP Real Estate.