Valor Real Estate Partners (“Valor”), Europe’s fastest growing last mile real estate specialist, has completed, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, the acquisition of a 7,000 sqm ultra last mile logistics building in Romainville, just 2km from Paris. Acquired off market from a private seller, Valor intends to undertake a light refurbishment to improve the unit’s environmental performance and ESG credentials.
Originally constructed in 2006, the property sits on a 10,000 sqm plot and has best-in class specifications with a 35m yard and a 10m clear height. It has been acquired with vacant possession, allowing Valor to progress its refurbishment programme immediately to meet strong market demand.
Romainville is one of the most competitive infill industrial submarkets in Paris, and a favoured location for e-commerce businesses. The site is right off the N3 road and only five minutes’ drive time from both the A86 (Paris second ring road) and the A3 motorway.
Valor owns and manages a 175+ asset portfolio, representing more than €4bn of AUM, across Europe’s fastest-growing cities. Paris is one of Valor’s high-conviction markets, where it has deployed c. €200m of investment over the last 12 months.
Ben Brunschwig, Principal at Valor, commented: “We are very proud to have been able to secure this off-market transaction in one of the most infill and sought after Paris industrial submarkets. Despite current macro environment uncertainty, we are seeing continued demand across Paris for modern, sustainable warehouse space that enables occupiers to access consumers in a very short drive time.”
Thomas Blangy, Senior Vice President at Quadreal, added: “This is an attractive acquisition and one that is firmly aligned with our global investment strategy of targeting high growth urban logistics hubs in key markets, of which Paris is certainly one. Together with Valor we have built a high-quality portfolio of well-located industrial and logistics assets representing over 625,000 sqm of space across Europe and the UK.”
Valor was advised by Simmons & Simmons (tax/structuring/corporate), Oudot (notary), and Andine (technical).
