Patrizia’s core open-ended fund PanEuropean Property Limited Partnership has reached a total gross asset value of €1 billion following the acquisition of three logistics assets in France on behalf of its institutional clients.
Patrizia’s fund recently acquired two warehouses in Lyon and one in Strasbourg from the international logistics group Kuehne & Nagel in an off-market transaction, for an undisclosed sum.
The sale-and-leaseback of the 34,000 sq m portfolio, which also includes Kuehne & Nagel’s new French headquarters, is based on a 9-year green lease and complies with the French government’s energy consumption reduction targets.
Samy Bougandoura, Head of Transactions for Patrizia France, said: “Despite the current uncertain economic climate in Europe, we are able to source and invest in highly attractive assets like these by combining Patrizia’s proprietary data intelligence tool, the Logistics Impact Solution (LIS), with local expertise across Europe. We expect demand for the best logistics assets, including light urban industrial, cold storage and transportation hubs, to remain sustained on the back of global megatrends such as e-commerce, urbanisation and digitalisation.”
PanEuropean’s veteran fund management team, which has mastered several economic cycles, is led by Flavio Casero, Fund Director, whose track record with the Fund began in 2004.
“Throughout the pandemic and current market uncertainty, our focus has centered on sustainability, quality of tenants, future proofing the portfolio through a mix of proactive asset-level enhancements, targeted acquisitions and sales, while consistently securing long-term debt at fixed cost. As a result, PanEuropean has been able to raise over €320 million since 2020 and continues to attract interest from long-term institutional capital with no outstanding redemptions. On behalf of the entire Patrizia team, we would like to thank our investors for their continued support,” said Flavio.
PanEuropean focuses on in best-in-class logistics, living and alternatives assets.
PanEuropean was recently awarded a 5-star GRESB score, reflecting the fund’s outstanding ESG credentials, including its Net Zero Carbon strategy. The fund ranked first amongst its GRESB peer group for sustainability performance.
Over the last 12 months, the fund has invested over €330 million, which included a student accommodation portfolio in Barcelona while securing material profits through the timely disposal of office, retail and logistics assets totalling €181 million.
PanEuropean’s core strategy specialises in the acquisition and management of mainly real estate located in major cities and large conurbations in Western Europe and Scandinavia.