PARIS, 26/08/14 – CBRE Global Investors has completed the acquisition of a logistics platform in Saint-Vulbas, France for a net initial yield of 7.0%. The asset has been acquired on behalf of one of its separate account clients from AXA Real Estate, on behalf of one of its clients.
The 25,130 sqm Grade A logistics platform is located close to Lyon, in the Plaine de L’Ain logistics park. The asset was constructed in 2007 and is fully let to French listed group “Rexel” on a long-term lease.
Commenting on the transaction, Jeroen de Grunt, Portfolio Manager, Separate Accounts Continental Europe, CBRE Global Investors said:
“We have acquired an asset that is located in one of the most important logistics submarkets of Lyon.
The asset fits our clients portfolio strategy to enhance the direct return, and to further increase its logistics exposure in the main European hotspots.
This acquisition follows the recently acquired logistics development in Venlo, Netherlands and we have a number of other opportunities in the pipeline that are high quality and well-divisible logistic investments in the French, German and Czech markets.”
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $90.7 billion in assets under management* as of March 31, 2013. 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 approximately 37,000 employees (excluding affiliates) in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
* Assets under management (AUM) refers to 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 properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. 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.