European last mile real estate specialist Valor Real Estate Partners has acquired a 9,000 m2 logistics property in Sartrouville, Paris, for an undisclosed amount.
The purchase extends Valor’s footprint in West Paris, an undersupplied market where it has also recently agreed a partial pre-let on a warehouse under refurbishment in Trappes and completed an ESG-led refurbishment programme in Bezons.
Acquired off market from a private seller, the property is fully let off a low passing rent, offering a medium-term opportunity to capture the reversionary potential.
At its distribution warehouse in Trappes, acquired in 2021 and currently under refurbishment, Valor has completed a 5,500 m2 letting to a major automobile manufacturer.
In Bezons, Valor has completed an ESG-focused refurbishment programme, which included replacing the cladding to improve insulation, replacing the heating system and adding LED lighting, to deliver 2,300 m2 of modern, functional warehousing suitable for e-commerce and 3PL occupiers.
Ben Brunschwig, senior vice president, Valor, commented: ‘We are seeing an increasingly diverse range of occupiers seeking modern, sustainable space in Paris in order to service consumer needs, which is underpinning continued rental and capital value growth. The West Paris submarket in particular, where we have amassed a 80,000 m2 portfolio primarily through off market acquisitions and now have significant value-add expertise, is characterised by aging stock with competition from higher value end uses limiting new development.’