US Clarion Gramercy invests €134m in French logistics real estate

Clarion Gramercy has acquired an 18,857 sqm warehouse previously owned by Amundi Real Estate for EUR11.5m (C) Clarion Gramercy

American logistics real estate investment fund manager Clarion Gramercy[1] has committed to forward fund two Class A warehouses located in the cities of Reau and Brebieres, along France main logistics axis (Lille/Paris/Lyon/Marseille), for a total amount of EUR122.5m. In addition, the group has acquired an 18,857 sqm warehouse located in Gevrey-Chambertin, near Dijon, for EUR11.5m. The three transactions were carried out on behalf of one of the funds managed by Clarion Gramercy.

They bring the company’s investment volume in France to more than EUR350m since the beginning of 2018. “These investments offer very attractive development prospects in one of the main European logistics markets, while meeting our very strict specifications,” said Alistair Calvert[2], CEO of Clarion Gramercy. “Despite the fierce competition between investors in the market, our experience of over 10 years has once again enabled us to source these high value-added transactions locally, and to partner with renowned developers in order to continue to generate exceptional returns for our investors while maintaining a constant rate of investment.” In Reau, a flagship logistics platform located approximately 40 km south-east of Paris, Clarion Gramercy will finance the speculative development of a logistics warehouse with a total surface area of 68,642 sqm.

With a clear height of 11.5 metres and state-of-the-art paving, the warehouse has been designed to meet the expectations of all types of tenants. Construction will start in the first quarter of 2020 and is expected to last approximately 12 months. Nexity[3] will be responsible for the development phase. The second development is located in Brebieres, near Lille, where construction of the 69,134 sqm warehouse is underway, with delivery scheduled for Q4 2020.

Goodman is in charge of its completion. For its third transaction in France, Clarion Gramercy has acquired an 18,857 sqm warehouse previously owned by Amundi Real Estate[4] for EUR11.5m. Located in Gevrey-Chambertin, near Dijon, the warehouse is leased on a long-term basis to GEALAN Sarl, a window manufacturer, and to the international manufacturer JTEKT Automotive, which has made it its main distribution centre in France.

“More than ever, France is establishing itself as a flagship market for Clarion Gramercy’s teams, with the penetration of e-commerce in the French economy accelerating more rapidly than in most other Western European economies,” said Alistair Calvert. “In this context, the logistics offer is struggling to meet growing market demand.” In April 2019, Clarion Partners[5], LLC, a leading U.S. real estate fund manager, announced the acquisition of a majority interest in Gramercy Europe. For the Reau warehouse, Clarion Gramercy was advised by BNP Paribas[6] on the commercial aspects of the transaction and by Herbert Smith Freehills[7] on the legal aspects.

For the Brebieres and Dijon transactions, Clarion Gramercy was advised by Herbert Smith Freehills.

References

  1. ^ Clarion Gramercy (www.businessimmo.com)
  2. ^ Alistair Calvert (www.businessimmo.com)
  3. ^ Nexity (www.businessimmo.com)
  4. ^ Amundi Real Estate (www.businessimmo.com)
  5. ^ Clarion Partners (www.businessimmo.com)
  6. ^ BNP Paribas (www.businessimmo.com)
  7. ^ Herbert Smith Freehills (www.businessimmo.com)

You may also like...