Transaction extends the JV’s footprint in key Paris and Lyon submarkets, and marks entry into Marseille market

Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last-mile logistics specialist, has completed the acquisition, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, operating and development company, of three prime urban logistics assets, located in Paris, Lyon, and Marseille, for c. €90 million, from an institutional investor. The transaction is Valor’s largest by value in 2024 and further extends its footprint in some of France’s most sought-after submarkets.

In Marly-La-Ville, a supply constrained North Paris submarket which benefits from its direct access to the A1 highway and close proximity to Roissy Charles de Gaulle airport, the joint venture has acquired a 40,000 sqm, multi-let property. Built in 2004, it is 100% occupied by six tenants, and offers modern specifications, including a 35m truck yard and an 11m clear height. This transaction strengthens Valor’s presence in Marly-La-Ville, where it recently developed a 10,000 sqm cross-dock facility.

In Corbas, Lyon, the joint venture has acquired a 30,000 sqm urban distribution park, which was refurbished in 2012 and is currently 83% leased to five tenants. Corbas, where Valor has been active since 2018, is one of Lyon’s most sought-after industrial submarkets. Valor intends to undertake a near-to-medium term asset management and refurbishment programme.

The third asset is located in Salon-de-Provence, Marseille, where Valor will carry out an extensive ESG-led refurbishment programme to deliver a highly functional cross-dock asset, suitable for 3PL and distribution occupiers. The acquisition is Valor’s first in Marseille, France’s fourth largest logistics hub with a population of 1.7 million, which benefits from excellent pan-European rail and road connectivity.

These acquisitions take Valor’s deployment in France and the UK close to €350 million of GAV this year, reflecting improving market sentiment and the strength of Valor’s proprietary intelligence-led deal sourcing and execution platform.

Ben Brunschwig, Principal at Valor, commented: “This was a rare opportunity to acquire a portfolio of prime last mile assets, suitable for a diverse mix of 3PL and distribution businesses, for whom proximity to major arterial routes and large population hubs is essential. Alongside the attractive day one income, there is an opportunity to capture substantial alpha, leveraging our in-house asset management team to deliver a range of value-enhancing initiatives.”

Flavien Caminati, Senior Vice President at Valor, added: “Two of these assets are located in markets where we already have an established presence and a deep understanding of the occupier matrix. We’re particularly excited to expand our footprint into Marseille, one of France’s most dynamic cities,where we are confident we can replicate the success we’ve achieved in other major European urban centres.”

Thomas Blangy, Senior Vice President at QuadReal Property Group, commented: “Over the past few months, alongside our partners at Valor, QuadReal has acquired 120,000 sqm of logistics space in the prime French markets of Paris, Lyon and Marseille, bringing QuadReal’s global logistics portfolio to over 13 million square meters. Our keen interest in the French market aligns with our long-term investment strategy of targeting high-growth urban logistics hubs where supply constraints and strategic locations create significant potential for value creation and delivering sustainable, long-term results.”

CBRE acted as broker for the vendor. Valor was advised by Simmons & Simmons (tax, structuring, corporate), Hogan Lovells (legal real estate), Oudot (notary), and Andine Groupe (TEDD).

Contacts

FTI Consulting (Valor)
Richard Gotla, Andrew Scorgie
0203 727 1575
[email protected]

FTI Consulting (QuadReal)
Giles Barrie
0779 892 6814
[email protected]

About Valor REP

Valor Real Estate Partners LLP (“Valor”) is a pan-European industrial platform, headquartered in London, focused on urban/infill industrial and logistics properties in the UK, France, Germany, Benelux, Spain and Italy.

Founded in 2016, Valor is a full-service development management and investment business with offices in London, Paris and Berlin. Today the Company manages a c.200 asset portfolio totalling more than 13.5 million sq ft and more than €3.5bn of AUM on behalf of a number of global investors.

For further information please email [email protected] or visit http://www.valorrep.com

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management are $77.6 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating platforms in which it holds an ownership interest.

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

www.quadreal.com