€113 million facility completed on behalf of joint venture with QuadReal Property Group, and €35 million facility on behalf of joint venture with RSF Partners
Transactions reflect continued institutional demand for high-quality, ESG-compliant urban logistics assets in supply-constrained French submarkets
Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last mile specialist, has completed two separate financings totalling approximately €148 million across two urban logistics portfolios, spanning Paris and Lyon, both provided by Deutsche Pfandbriefbank AG (“pbb”). The first transaction, a €113 million facility, was completed on behalf of Valor’s joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company. The second, a €35 million facility, was completed on behalf of Valor’s joint venture with RSF Partners.
The €113 million facility is secured against a nine-asset last-mile logistics portfolio totalling approximately 63,400 sqm across the Paris and Lyon metropolitan regions, with direct access to the A1, A3, A6, A86 and A104 motorway network in Paris, and the A7, A43 and A46 in Lyon. The let assets are secured to high-quality tenants across the construction, healthcare, automotive distribution and third-party logistics sectors. The Mitry-Mory and Aulnay-sous-Bois assets, totalling 17,481 sqm, are urban distribution parks under development for practical completion in May 2026 and will boast best-in-class ESG credentials, while the 10,156 sqm Fleury-Mérogis cross-dock will shortly begin a comprehensive refurbishment and extension programme delivering equivalent standards – each featuring BREEAM certifications, rooftop solar PV, LED lighting, EV charging and integrated Building Management Systems. The remaining six assets are either fully let or actively being marketed to let, with the 6,026 sqm Villeneuve-la-Garenne asset pre-let on a ten-year lease following a Class A refurbishment completed in 2025.
The €35 million facility is secured against a two-asset, 100%-let last-mile logistics portfolio totalling approximately 30,900 sqm in north Paris, comprising assets in Roissy-en-France and Dugny – both with direct access to the A1, A3, A86 and A104 motorway network. The portfolio is let to two high-quality tenants on long leases with an 8.74-year weighted average lease term. The Dugny asset, a 25,832 sqm warehouse comprehensively refurbished between 2021 and 2023, holds an EPC ‘A’ rating and features EV charging stations, LED lighting, smart metering technology and high-efficiency thermal cladding. The Roissy-en-France asset, a 5,090 sqm last-mile facility refurbished in 2024, is EPC ‘B’ rated with Class A greenhouse gas emissions credentials.
pbb was selected following a highly competitive process in which Valor engaged both banks and debt funds, attracting strong interest and meaningful competitive tension. Its proposal stood out on structure, pricing and the strength of its existing relationship with Valor.
Miles Muthu, Senior Vice President at Valor, commented: “Completing two financings of this scale simultaneously with pbb is a strong reflection of the quality of these two portfolios and the depth of our relationship with a lender that knows our platform well. Both portfolios are anchored by best-in-class, ESG-compliant assets in supply-constrained urban submarkets, let to, or being repositioned for, strong occupiers. We are delighted to have delivered compelling outcomes for both RSF Partners and QuadReal, and we remain highly active and conviction-led in French urban logistics.”
Olivier Katan, Head of Real Estate Finance France at pbb, added: “We are delighted to continue supporting Valor in France on both their core and value-added strategies, together with the Paris team, notably Johann Demazel and Nicolas Rousseau. These simultaneous sizable transactions illustrate pbb’s ability to underwrite and execute complex transactions within tight time frames in a highly competitive environment. They also demonstrate the reliability and efficiency of the bank’s new operational model and strategy.
“We would therefore like to thank Valor, particularly M Miles Muthu and M Matthew Phillips, for their continuous trust and professionalism, which establishes pbb as one of Valor’s top relationship banks in Europe.”
Thomas Blangy, Senior Vice President at QuadReal, said: “Together with Valor, we have built a compelling portfolio of well-located and top quality last mile logistics assets. In particular, the regions around Greater Paris and Lyon, which represent some of Europe’s most important logistics markets, represent key areas of strength. This financing is a clear vote of confidence in our global investment strategy of targeting quality assets in high growth urban logistics hubs across Europe and the UK.”
