Clarion Partners Europe has closed a €30 million senior development loan and a circa €8 million VAT facility from Caisse d’épargne Ile-de-France (of French banking group BPCE) and a separate account managed by AEW to fund the construction of a Grade-A warehouse in Reau, 40 kilometres south east of Paris.
Clarion Partners Europe acquired the site, on behalf of one of its co-mingled funds, in October last year, via a forward funding agreement.
Construction of the institutional quality, 68,642 sqm logistics warehouse is underway and the building is expected to be delivered later this year. The scheme, which will be suitable for a range of tenants, will feature modern, generic and flexible floorplates with clear heights of 11.5m and BREEAM Very Good.
“We are thrilled to be working with Caisse d’épargne Ile-de-France and AEW on this exciting project. We are committed to growing our footprint in what is one of our key markets and building new lender partnerships,” said Thorben Schäfer, Investment Director at Clarion Partners Europe.
Guillaume Bricout, Directeur de Clientèle – Grands Comptes Marché des Professionnels de l’Immobilier of Caisse d’Epargne Ile-de-France, added: “Thanks to its real estate expertise, Caisse d’Epargne Ile-de-France is pleased to participate in the financing of this major project led by Clarion Partners Europe.”