CBRE Global Investors have acquired four logistics properties around Paris, for a net purchase price of EUR 88.2 million, reflecting a net initial yield of 6.1%. The assets were purchased on behalf of one of their separate account clients, from a fund managed by AXA Investment Managers – Real Assets.
The four freehold assets were built during the period 2006 – 2009, comprising 136,430 sq m in total. They are located in Brie-Comte-Robert, Saint-Germain les Arpajons, Chelles and Marolles. The first three assets are fully let to strong covenant single-tenant occupiers, whereas the smallest asset located in Marolles is currently vacant.
Jeroen de Grunt, Portfolio Director, Separate Accounts EMEA, CBRE Global Investors said: “This portfolio of good-quality and well-located assets meets our client’s investment criteria, and increases our exposure to one of Europe’s prime logistics markets. It furthermore fits strategically with our client’s existing French logistics portfolio, which is mainly concentrated around Lyon.”
Sigrid Duhamel, Country Manager, CBRE Global Investors France said: “We invested in several logistics properties in France on behalf of other clients earlier this year and we are pleased to have sourced and acquired a good-quality logistics portfolio for our client. In 2017, we will pursue investments in this sector for our clients and we are actively scanning the market.”
CBRE Global Investors was advised by Fairway, Allez & Associés, PwC, JLL, Environnance, Gelé, Riskonet, Ramboll Environ, and Galtier. AXA Investment Managers was advised by CBRE, Clifford Chance and Wargny & Katz.
– ENDS –
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.7 billion in assets under management* as of September 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
Past performance is not a guarantee of future performance.