KKR’s French logistics real asset platform Etche has offloaded a portfolio of five properties located in the Lyon region, with a total area of approximately 29,000 square meters.
Situated on the outskirts of Lyon, in Meyzieu, Saint-Quentin-Fallavier, Saint-Priest, Décines-Charpieu, and Chassieu, the portfolio consists of five commercial and logistics buildings strategically located in prime logistics zones that serve the city of Lyon and its surrounding area. The buildings are fully leased to national and local brands.
Vincent Lauret, President of Etche, commented: “This latest sale ends an extremely active year for Etche, and demonstrates our ability to continue creating value in the sectors we are focused on, including logistics. In the midst of a challenging market environment, we have successfully completed a quick sales process without compromising on our ambitious value objectives, reflecting the quality and prime location of this portfolio and our focus on active asset management since acquiring the buildings.”
The Gallic assets were acquired between 2021 and 2022 through KKR Real Estate Partners Europe II, the same European value-add strategy used for the Big Deal portfolio. This portfolio, sold to Alderan earlier this year, comprised of 29 business park and logistics assets spread across France.
Etche also sold its retail assets this year, while also continuing to acquire strategically located buildings. In October, Etche announced the acquisition of the Scott portfolio from Ivanhoé Cambridge, comprising five buildings strategically located in prime logistics zones in the ‘Dorsale’ on the outskirts of Lyon, Grenoble, Orléans, Compiègne and Strasbourg.
The acquisition was Etche’s first transaction in France through KKR’s European Core+ real estate strategy, which focuses on investing in high quality, substantially stabilised assets with medium-term value growth potential.
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