Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last-mile specialist, has acquired, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, two prime last-mile warehouses in Lyon, France, for €10m. The separate transactions bring Valor’s portfolio in the high growth Lyon region to over 120,000 sqm.
The first asset is a 5,000 sqm low-site density asset located in Chaponost, west of Lyon. Built in 2001, the property is fully leased to a solar panel distributor and benefits from strong specifications including a 50m yard and numerous dock doors. Chaponost is a strategic submarket surrounded by affluent neighbourhoods, and benefits from excellent connectivity to the city centre.
The second asset is a 5,000 sqm modern distribution facility in Corbas, strategically situated in Lyon’s eastern ring road area. Delivered in 2013, the property provides best-in-class functionality and is fully let to a truck spare parts distributor. Corbas, where Valor now manages five assets, is one of Lyon’s most sought-after industrial submarkets, with excellent connectivity to the city centre and wider urban areas via the A46 and A43 motorways.
In line with the JV’s strategy, Valor will undertake a series of ESG-led initiatives across both assets, including LED lighting upgrades and the introduction of advanced building management systems.
Thibault Schnyder, Vice President at Valor, said: “These two off-market transactions reinforce Valor’s position as one of the key players in Lyon despite a difficult macro-economic environment, and sit at the heart of the platform’s investment strategy to grow our last-mile presence in key European distribution hubs.
Valor is proud to continue working with local partners and supporting SMEs’ growth ambitions by providing functional real estate with rapid access to the city centre and surrounding catchment areas.”
Thomas Blangy, Senior Vice President at QuadReal, said: “Together with Valor, we have a built a leading portfolio of high quality industrial and logistics assets in the strategically important French market, with Paris and now Lyon representing key areas of strength. With their excellent connectivity and proximity to sought-after submarkets, these two additional sites are firmly aligned with our global investment strategy of targeting high-growth urban logistics hubs in key markets across Europe and the UK.”
Valor was advised by Brice Robert (broker), Oudot Notaires (notary), Simmons & Simmons (real estate, tax and structuring), and Andine Groupe (TEDD).
