Invesco Real Estate has acquired two logistics facilities developments close to Paris, from vendor/developer Arefim, in a deal valued at some €61m.
One is situated in the Orléans region, 95km south-west of Paris, the other in the Reims region, 150km north-east of Paris. They are respectively so-called grade A warehouses, which can serve as regional and national hubs. Both have close connections to motorways.
Jonathan Pierce, senior director, Fund Management at Invesco, said: "Building on the strong foundations elsewhere in the portfolio, this purchase is planned to drive short term capital appreciation, whilst delivering best in class product with premium income once leased. The excellent fundamentals and strong demand for logistics assets in these key regions of France is very exciting. Both facilities are very well situated, within areas of high commercial activity and within excellent reach of major conurbations as well as Paris itself."
Arefim has around 400,000sqm in logistics assets under development in France.
Cristiano Stampa, managing director, Transactions, at Invesco, added: "These transactions represent excellent risk adjusted returns. Due to healthy demand and very limited grade A supply available we are confident of achieving outstanding leasing on both assets given the strong supply demand imbalance. The quality of Arefim facilities is well attested and we are delighted to be working with the firm on this project."