Pan-European logistics platform Valor Real Estate Partners has acquired a 33,000 sqm industrial estate in the core submarket of Trappes from a fund managed by Savills Investment Management for €40 million.
The estate, which comprises two buildings on a 20-acre site, is fully let to a leading retailer of homeware, toys and other goods, with an average unexpired lease term of approximately four years and interim break options.
The transaction increases Valor’s footprint in the highly attractive submarket of Trappes, which is located 30km south-west of Paris, offers excellent connectivity via the N10 arterial road, and is close to the A86 (Paris 2nd ring road) and N12 (Paris-Western France motorway).
In December 2021 Valor completed the acquisition of a nearby 18,000 sqm for a full Grade A refurbishment.
Ben Brunschwig, Senior Vice President, Investment at Valor, commented: “This is a rare opportunity to acquire a large site in a highly desirable submarket where future development will be limited by the lack of brownfield land and local planning priority for housing. The rental profile of the Trappes submarket is changing rapidly due to the undersupply of high-quality industrial space for last-mile delivery and we expect to capitalise on this in the medium term by modernising the estate and intensifying the land use.”
