Valor and QuadReal deploy €50 million into the Paris and Lyon urban logistics markets as 3PL and last mile occupier demand remains strong
Valor Real Estate Partners (“Valor”), Europe’s fastest growing last-mile real estate specialist, has acquired, on behalf of its joint venture with Quadreal Property Group (“QuadReal”), a global real estate investment, operating and development company, three last mile logistics properties in Paris, and one in Lyon, for c. €50 million. The off-market transactions total 30,000 sqm.
In Goussainville, North Paris, the joint venture has acquired a 7,000 sqm vacant building, where it intends to undertake a comprehensive ESG-led refurbishment programme, targeting a June 2025 completion date. The highly functional property, which features excess land suitable for external storage or HGV parking, benefits from excellent arterial connectivity, making it ideally suited for 3PL and specialist last-mile operators. A permit has already been obtained and works will start in Q4 2024.
In Lyon, the joint venture has acquired a high specification 10,000 sqm vacant warehouse, constructed in 2012, ideally suited for 3PL and specialist last-mile operators. Strategically located in the infill north Lyon industrial market of Miribel, its proximity to the Lyon ring road provides excellent access to the city centre in less than 10 minutes.
Also in Paris, the joint venture has acquired, in separate transactions, a 5,000 sqm, fully let property located close to Orly Airport, and a 6,000 sqm vacant property, in West Paris, where Valor will carry out an extensive refurbishment programme to deliver a highly functional cross-dock asset.
All four buildings will benefit from BREAAM certifications and energy savings features, such as LED lighting or building management systems.
Ben Brunschwig, Principal at Valor, commented: “Our disciplined focus on select high growth metropolitan areas in France, coupled with a data driven local market approach and deal sourcing capabilities, is enabling us to continue deploying capital at an attractive entry point.
“With new supply increasingly constrained by competition for land from alternative uses, and supportive technological and demographic mega trends, we have a high conviction that our value add strategy will continue to generate both rental and capital growth outperformance. We see the rest of this year and next as an exciting time to accelerate deployment, extending our market leading last-mile platform.”
Thomas Blangy, Senior Vice President at QuadReal Property Group, said: “Over the past four years, alongside Valor, we have built a robust logistics portfolio in Europe, a sector that remains one of QuadReal’s key areas of conviction in our global investment strategy. These four properties, located in the high-demand regions of Paris and Lyon, add to QuadReal’s global industrial portfolio and will benefit from the Valor team’s on-the-ground urban logistics expertise. We look forward to continuing our partnership with Valor.
CBRE acted as broker for the Paris transactions, and LGT Conseil for Miribel. Valor was advised by Oudot Notaires (notary), Simmons & Simmons (corporate/tax/structuring/financing), Hogan Lovells (legal Real Estate), Andine Groupe (technical audit) and Les Ateliers 4+ / Quadribat (refurbishment).
Contacts
FTI Consulting
Richard Gotla, Andrew Scorgie
0203 727 1575
FTI Consulting
Giles Barrie
0779 892 6814
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.