CBRE Europe Value Partners 2 (EVP2), a value add fund managed by CBRE Global Investors, has partnered with privately-owned French logistics developer Virtuo to develop a portfolio of prime assets in established logistics locations throughout France.
The seed portfolio comprises five sites in the main French logistics corridor (Marseille – Lyon – Lille) totaling 163,000 m2 of buildable area with construction commencing in the first quarter of 2019.
The joint venture is actively pursuing further opportunities including the acquisition of land as well as standing assets in need of repositioning, with a view to building a €1 bn prime logistics portfolio.
'We have established this joint venture with a partner who are specialist in French logistics. This transaction is in line with our European value add strategy of creating core assets in supply constrained markets,' said Charles Baigler, fund manager, CBRE Global Investors’ Europe Value Partners Series. 'The logistics sector is a key focus for the fund series and we are keen to deploy additional capital into the sector across Europe.'
Gregory Blouin, founder and CEO of Virtuo, said: 'The demand for state-of-the-art logistic buildings in prime markets is growing despite land constraint in some location. Our development expertise with our sense of innovation combined with EVP2 capital will allow us to develop a portfolio of prime assets.'
Virtuo was advised by JLL, Paul Hastings, BG2V and Oudot et Associes, CBRE Global Investors was advised by Jones Day, PWC and Groupe Monassier.