Invesco forward-funds two strategic French sheds

Global real estate investment manager Invesco Real Estate has acquired two logistics developments at the gates of the Paris region for €61 mln from local developer Arefim.

The properties, which cover 91,000 m2 in total, comprise a 47,000 m2 asset in Artenay in the Orléans region which will be completed in Q1 2021, plus a 44,000 m2 scheme in Cernay-les-Reims, in Reims, set for completion in Q2 2021.

Both assets will be launched speculatively to service the Greater Paris region or act as regional or national hubs, Invesco said.

Jonathan Pierce, senior director, fund management at Invesco, commented: 'Building on the strong foundations elsewhere in the portfolio, this purchase is planned to drive short term capital appreciation, whilst delivering best in class product with premium income once leased.
'The excellent fundamentals and strong demand for logistics assets in these key regions of France is very exciting. Both facilities are very well situated, within areas of high commercial activity and within excellent reach of major conurbations as well as Paris itself.'

Arefim currently has around 400,000 m2 in logistics assets under development in France alone.

Cristiano Stampa, managing director, transactions, at Invesco, added: 'These transactions represent excellent risk adjusted returns. Due to healthy demand and very limited grade-A supply available we are confident of achieving outstanding leasing on both assets given the strong supply demand imbalance.'

On this transaction, the advisers to Invesco were Allez & Associés (notary), Archers (legal), Etyo (technical), Taj (tax & structure), BNP Paribas Real Estate (commercial) and CBRE (valuation).

The seller was advised by CBRE and SBKG (legal).


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