International real estate investment manager Savills Investment Management (Savills IM) has acquired three logistics properties in France for a total €72 million on behalf of its European Logistics Fund 3 (ELF 3). The ELF 3 portfolio now comprises 15 properties in five countries.
In Dijon, an inner-city cross dock facility to serve the last mile was acquired. The property is located in the city’s largest commercial area and is very well connected in all directions thanks to its access to three motorways. The seller of the property is a French real estate developer.
Dijon is the capital of the French region of Bourgogne-Franche-Comté with around 155,000 inhabitants and is located on the French logistics axis “La Dorsale” between Paris and Lyon. The cross dock is leased on a long-term basis to a global market leader in online retail and is designed as a typical delivery station. The complex comprises a total of c. 12,300 sqm of lettable space as well as sufficient parking spaces for delivery vans and cars with electric charging facilities. The building holds a BREEAM new construction certification rating of “Very Good”.
In the greater Toulouse area two fully refurbished logistics properties with a total of around 21,700 sqm of lettable space were acquired, which are let long-term to a leading logistics service provider and a public institution. The properties are located in an established last-mile location close to the city, which allows them to reach approximately 1.3 million inhabitants within a 30 km radius. They are located in the logistics corridor in the Occitanie region, which connects Rennes/Nantes with Bordeaux and Toulouse. The properties benefit from their location in a commercial area close to the city. The seller of the properties is another French real estate developer.
Toulouse is the fourth largest French city after Paris, Lyon and Marseille. There are four motorways within a radius of 20 km, which offer very good connections in all directions. There are also very good public transport connections. BREEAM in-use certification is being sought.
Savills IM was advised on the transactions by BNP Paribas Real Estate.
Daniel Hohenthanner MRICS, Director Investment at Savills IM, says: “In the current challenging market environment, we are looking even more closely at potential investments. Properties such as these in Dijon and Toulouse, which are all located close to the city to serve the last mile, have high ESG standards and are let long-term to tenants with strong credit ratings, we are convinced that they are sustainable and defensive investments that complement the portfolio of our ELF 3 very well.”
