The asset, which is within a 2 million m2 logistics park comprising smaller distribution units as well as big-box warehousing, is located 30km west of Paris city centre and close to the N12 motorway. The unit has been acquired off-market from a private seller.
 
Valor will undertake a full refurbishment of the unit, delivering modern, high-specification warehouse space with 7.5m clear height and extensive yard space for external storage or parking spaces. The unit will also incorporate around 15% of office space.
 
The transaction follows Valor’s commitment in December 2021 to bring forward the speculative development of a 10,166 m2 modern urban distribution park in the Paris submarket of La Courneuve.
 
Valor owns and manages over 350,000 m2 of urban logistics space in France, with a pipeline of 50,000 m2 to be delivered through its development programme.    
 
Ben Brunschwig, senior vice president, Investment at Valor, commented: ‘This acquisition is in a highly desirable location on the edge of Paris on an institutionally-owned industrial park which has attracted a number of blue-chip occupiers. Following the refurbishment, we expect to see strong demand from retail and distribution businesses given the sub-market’s low vacancy, the lack of new supply and the continued growth of ecommerce.’
 
BNP Paribas brokered the transaction on behalf of Valor.
 
Valor was also advised by Oudot, Hogan Lovells, Simmons & Simmons and Les Ateliers 4+.