CBRE Acquires 700,000 Sq Ft Logistics Site in France for Sogaris
CBRE has advised Sogaris, one of France’s leading logistics real estate investors, on the purchase of a circa 700,000 sq ft site that will become a new cross dock platform in Créteil, France. The site was purchased from PostImmo and the transaction was 70% funded by Société Générale and French financial services group, CIC.
Located in the Industrial Zone des Marais in Créteil, the site is close to Sogaris’ existing cross dock platform, and the acquisition forms part of its ongoing strategy to develop its urban logistics portfolio. Créteil, a south eastern suburb of Paris, is strategically located alongside the A86 and will soon benefit from a new RER D station linking it to Paris via France’s fast rail transit system the TGV. The site is currently vacant and will be partly refurbished ahead of marketing to potential tenants.
The site includes a 324,876 sq ft building with a 289,022 sq ft section dedicated to logistics activities and an administrative area of 33,865 sq ft. The investment means that Sogaris now owns three buildings in Créteil from a site covering 11 hectares of land.
Christophe Ripert, Director Real Estate at Sogaris, said:
"Located 9 km from Paris, the site is ideally placed for the distribution of consumer products into this densely populated metropolitan area. In addition, the site will benefit directly from the investments being made into the area as part of the Grand Paris project. Beyond the site’s existing access to the A86, transport links will be strengthened in 2013 with the commissioning of a nearby RER D station, which makes the property a very attractive investment for us.”
Amaury Gariel, Managing Director, EMEA Industrial and Logistics, CBRE, said:
“Sogaris has once again proven to be a pioneering French investor focusing on this specific platform for urban distribution. There is a real need from logistics operators around all of Europe’s main cities for such buildings, and the rent values are always higher than for storage warehouses. Prime logistics assets, such as the Créteil site, provide investors with strong income streams in a low growth environment.”
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