Global investment giant Nuveen Real Estate, formerly TH Real Estate, has acquired the Eurodif premium distribution centre in the greater Paris area from Aviva Investors Real Estate France.
Financial details were not disclosed.
The deal was struck on behalf of Nuveen's European logistics platform, and comprises a Grade A warehouse with around 24,500 m2 of space. Located in the Aube Logistics Park, it is fully let to Eurodif/Bouchara, a French fashion and household products company.
'France is one of our key logistics markets and we are very pleased to have acquired a premium asset,' said Tim Hennes, senior investment manager, Europe.
'We predict that logistics is set to be the best performing mainstream sector in 2019, with healthy growth and even some further yield shift driving returns,' he added. 'We believe that fundamentals for logistics remain strong into 2019, our main task will be to distinguish between long term value and late cycle froth.'
'The distribution centre fits perfectly with our logistics investment strategy. This new asset is Nuveen Real Estate's second investment in France in the past 12 months on behalf of its European logistics platform, following the transaction of Fos-sur-Mer in Marseille,' said Christel Zordan, head of real estate France.
Law firms BGV2 and Linklaters served as legal advisor for Nuveen Real Estate. The technical and environmental due diligence was conducted by Etyo, SD Environment and ERM.