LaSalle Investment Management‘s pan-European fund Encore+ has acquired a prime urban logistics warehouse in Paris. The property is single let to a blue-chip tenant.The purchase price was not disclosed.
The property is located in Gonesse, a popular and well-established logistics submarket in the north of the city of Paris. Gonesse’s thriving urban logistics market hosts globally renowned occupiers such as Amazon and the logistics group GEODIS.
The prime logistics warehouse in Paris is fitted to a class A specification and offers close to 25,000m² of rental space, consisting of four storage cells, 26 docking bays and office space.
“This is a great asset close to Paris in one of Europe’s fastest-growing logistics markets. Thanks to the significant growth of e-commerce in France – the online share of total retail sales in France is currently growing at a double-digit rate – the demand for urban logistics continues to increase. The development of the town of Gonesse will be a constraint on the supply of further logistics capacity in the area. This indicates that the asset will experience a positive supply-demand dynamic while delivering long-term secured income in the coming years,” said David Ironside, Fund Manager of Encore+, LaSalle Investment Management.
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“After the acquisition and development of our logistics project in Tigery announced at the beginning of the year, this is another important acquisition for Encore+ that strengthens our position in the logistics sector in France. It once again proves our ability to seize excellent opportunities in France,” said Beverley Shadbolt, Country Manager for France at LaSalle Investment Management.