Asset manager Valor Real Estate Partners has acquired two logistics schemes in Paris from Stonehedge for around €40 mln.
The pair of forward-funded urban distribution parks are located in Louvres and Brie-Comte-Robert and total 321,000 ft2 (29,800 m2). Both projects will be developed in two distinct phases.
'We are very pleased to announce another two acquisitions in France. Both assets are located in dynamic submarkets, with favourable supply & demand dynamics, experiencing high rental growth as the e-commerce market in the greater Paris region continues to grow,' said Victor Massias, principal at Valor.
'These acquisitions continue to demonstrate our commitment to France and emphasize our approach to acquiring prime assets in underserved locations with exceptional access to key urban centres.'
The first asset is located in Louvres, 27 km north of Paris with immediate access to the A104 and Paris Roissy CDG airport. The property forms part of a brand-new business and industrial park.
The second asset, is located in the established logistics park of Brie-Comte-Robert, and lies 28 km south east from Paris. Part of it is pre-let to a blue-chip tenant on a 9-year fixed-term lease.
Valor was represented by Hogan Lovells, Simmons and Simmons, Oudot et Associés and Etyo whilst Stonehedge was represented by Jacquelin-Hoffmann-Chable-Giudicelli, EOL and Sorovim for both transactions.