Canadian group Ivanhoé Cambridge has acquired a 430,000 m2 logistics portfolio, as well as its brand name Hub&Flow, from The Carlyle Group in one of the largest transactions in recent years in France’s logistics real estate market.
The portfolio, comprising 17 high-quality assets, 'ideally meets the market’s needs in terms of surface area (10,000 to 40,000 m2), technical specifications and location', Ivanhoé said in a statement. The assets are situated within France’s logistics backbone, encompassing the country’s largest logistics hubs.
The acquisition aligns with Ivanhoé Cambridge’s major transactions in logistics platforms in North America, Latin America and in the Asia-Pacific region, as well as the creation of PLP, an operating platform in the UK. Financial details were kept confidential.
Karim Habra, head of Europe and Asia-Pacific, Ivanhoé Cambridge, said: 'This strategic investment marks a new chapter of our expansion in continental Europe with the aim of creating a leading logistics platform focused on the key European hubs. Like Hub&Flow, we intend to invest in top-quality assets that can benefit from future value creation.'
Peter Stoll, managing director and head of the Carlyle Europe Real Estate team added: 'This transaction marks the culmination of a major acquisition and asset management effort that has resulted in the creation of an institutional quality logistics portfolio focused on the Paris and Lyon markets, benefiting from a buoyant market environment in which we intend to remain active.'
Ivanhoé Cambridge was advised by Panhard, BNP Paribas Real Estate Transaction, Etyo, Gide, Allez & Associés, Lacourte Raquin Tatar and EY.
The Carlyle Group was advised in this transaction by DLA Piper, Attal & Associés, Darrois Villey Maillot Brochier and PwC. Alkatroll, CBRE, Expansion, and Cogestra contributed as advisors on the strategy and asset management. HSBC was financing the portfolio.