Real estate investor and manager Cromwell Property Group has sold an urban distribution park located in Lisses, 30 km south of Paris, to Valor Real Estate Partners for an undisclosed amount.
The property offers 16,100 m2 spread over four buildings that were delivered in 2007. With this transaction, Cromwell concludes the last sale out of a portfolio of nine assets acquired for the same investor.
‘This disposition offers our investor excellent returns and represents a real success for the French team of Cromwell Property Group,’ said Diego Roux, head of acquisition and disposals in France, at Cromwell. ‘It demonstrates our ability to create value through active asset management initiatives which allowed us to significantly improve the tenancy schedule of this property.’
Victor Massias, principal at Valor, commented: ‘We are pleased to announce another excellent acquisition in France. This was a rare opportunity to acquire an institutionally maintained urban distribution park in an established South Paris submarket which will benefit from the greater Paris development. In addition, this South Paris submarket not only benefits from its superb connectivity, but also from the strong regeneration occurring in the area.’
The acquisition was financed by debt funds managed by Acofi.