LaSalle Investment Management (LaSalle), the global real estate investment manager, has advised its pan-European fund Encore+ on an acquisition of an urban logistics warehouse on the edge of Paris.
Financial details were not disclosed.
The property is located in Gonesse, a popular and well-established logistics submarket in the north of the city of Paris. It is single let to a blue-chip tenant.
Gonesse’s urban logistics market hosts globally renowned occupiers such as Amazon and the logistics group Geodis. The area is also set for development as two new metro stations of the line 17 will be built in the vicinity of the property as part of the Grand Paris project. In addition, the €3 bn EuropaCity project, a major retail, residential and cultural hub, is expected to be developed on the adjacent land plot.
The property is fitted to a class A specification and offers close to 25,000 m2 of rental space, consisting of four storage cells, 26 docking bays and office space.
David Ironside, fund manager of Encore+, LaSalle Investment Management, said: 'This is a great asset close to Paris in one of Europe’s fastest-growing logistics markets. Thanks to the significant growth of e-commerce in France – the online share of total retail sales in France is currently growing at a double-digit rate – the demand for urban logistics continues to increase. The development of the town of Gonesse will be a constraint on the supply of further logistics capacity in the area. This indicates that the asset will experience a positive supply-demand dynamic while delivering long-term secured income in the coming years.'
LaSalle was advised by C&C (Notary), Baker McKenzie (Lawyers), Etypo (Technical) and KPMG (Tax).