Having been active in the Paris market since 2017, the transaction is Valor’s first in the French capital on behalf of its €1 bn specialist urban logistics investment vehicle, in joint venture with QuadReal.

The 15,000 m2 property, which is in the submarket of Garges-lès-Gonesse, north Paris, is within 10 km of the 1st Paris ring-road. The area is characterised by a shortage of modern warehouse space, according to Valor, with future supply set to be constrained by the allocation of land for residential development.

Valor plans to undertake a full refurbishment of the unit to deliver high-specification distribution space suitable for occupiers in the e-commerce and logistics sectors. The asset sits on a 26,000 m2 site and provides a 33 metre yard space.

Valor's urban logistics investment vehicle, which was launched in November 2020, plans to deploy up to €1 bn in leading cities across UK, France and Germany, across the full risk spectrum of stabilised assets, vacant or short-income assets and ground-up development.

To date, Valor has deployed or committed a total of over €365 mln on behalf of the vehicle.

Ben Brunschwig, senior vice president at Valor, commented: 'This is a significant acquisition in a highly-competitive and illiquid sub-market, where there is a shortage of modern distribution space and the majority of assets are in private ownership.

'The unit offers scale in a dense urban location, and excellent connectivity to central Paris and the wider road network, making it ideally suited for refurbishment as high-specification and environmentally-efficient distribution space.'

CBRE brokered the transaction on behalf of Valor.

Valor was also advised by Oudot, Hogan Lovells, Simmons & Simmons, AMF and Les Ateliers 4+.