Barings, one of the world’s largest diversified real estate investment managers, announces that it has acquired a logistics redevelopment opportunity near Paris, France, from a private investor. The acquisition was done on behalf of a pan-European logistics joint venture between a U.S. insurance company and a Middle Eastern sovereign wealth fund targeting core+/value-add assets.
Refurbishment work on the property is being undertaken by Vectura with whom a development contract has been signed and is scheduled to complete in May 2021. The finished c. 24,000 sq m asset will be split into six distinct units. 51% of the building has been pre-let on a ten-year firm lease to a third party logistics firm for a mix of dry, cold positive and cold negative storage. The remaining urban logistics space, comprising three units of under 3,000 sq m, is being marketed on a speculative basis to take advantage of the continued strong demand for high quality new and dry space from urban logistics occupiers.
The property is situated in Saint Ouen l’Aumône in the Cergy-Pontoise area, 35 kilometres north west of the centre of Paris, which is one of the most concentrated locations for light industrial real estate in Europe. It benefits from excellent transport connectivity to Paris as well as the rest of the continent via the nearby A15 autoroute.
Source : Company