Panattoni has acquired a 2.5- hectare brownfield site in the municipality of Moissy-Cramayel in the land-constrained Seine-et-Marne region to the south of Paris, France to speculatively develop a 12,000 sqm state-of-the-art light industrial park.
The development, involving a total investment volume estimated at €25 million, is part of the Southeast Paris industrial market, the largest in France, with total industrial stock exceeding one million sqm.
This is Panattoni’s first industrial park development in France after it entered the country in 2021.
The plot, which Panattoni acquired for €6.7 million, is located in the Château d’Eau park in the heart of a major logistics and light industrial hub with tertiary zones, up-and-coming residential areas, and one of France’s largest shopping malls, Westfield Carré Sénart.
The land, which was formerly used for a mobile concrete plant and as a depot for storing construction materials, will be replaced by four 3,000 sqm state-of-the-art industrial buildings with strong environmental credentials.
Construction is due to begin in the summer of 2023 once the building permits are approved, with delivery scheduled for the summer of 2024.
Salvi Cals, Managing Director of Panattoni France, said: “This brownfield plot, located in an area where land acquisition opportunities are very scarce, is an excellent match with our responsible development strategy. It is extremely well located in the Grand Paris Sud industrial zone but was not being used by its previous owner. Because it lies in an existing industrial zone, the site was immediately available for development, and the total construction timeframe will therefore be much shorter than for a greenfield development. This project was also fast-tracked thanks to the determination of local elected officials and the Grand Paris Sud region to revitalize the area.”