The pan-European logistics platform Valor Real Estate Partners has invested 26 million euros to buy an urban warehouse in the French capital from a private seller.
The 15,000 mÂ² building, located on 26,000 mÂ² of land, is located in the Garges-lÃ¨s-Gonesse sub-market, north of Paris.
Valor has announced its intention to undertake a complete refurbishment of the unit.
Valor, which has been active in the Paris market since 2017, said the transaction is the first Parisian logistics acquisition on behalf of its â¬ 1 billion urban logistics investment vehicle launched in November from the last year.
The vehicle intends to deploy up to EUR 1 billion in major cities across the UK, France and Germany, across the risk spectrum of stabilized assets, vacant assets or short-income and grassroots development. To date, Valor has deployed or committed a total of over 365 million euros on behalf of the vehicle.
Ben Brunschwig, Senior Vice President at Valor Real Estate Partners, said: âThis is a significant acquisition in a highly competitive and illiquid submarket, where there is a dearth of modern distribution space and the majority of assets are privately owned. .
âThe unit offers scale in a dense urban location and excellent connectivity to central Paris and the wider road network, making it ideal for refurbishment as a high-quality, eco-friendly distribution space. environment. “
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