Fund manager Clarion Gramercy is putting €134m (£117m) into three new investments in France.
The firm, formed when New York-based Clarion Partners backed Gramercy Europe last year, is forward-funding two warehouses for €122.5m and has acquired a separate warehouse for €11.5m from Amundi Real Estate.
One of the speculative warehouses will be a 68,642 sq ft development in Reau, about 40km south-east of Paris city centre, expected to be ready by early 2021. The other is a slightly larger development in the city of Brébières.
The warehouse bought from Amundi is in Gevrey-Chambertin and is the primary French distribution hub for Gealan, a window company, and JTEKT Automotive, a manufacturer.
The business, which once operated as part of Gramercy Property Trust, has now invested more than €350m in France since the start of 2018.
Alistair Calvert, chief executive of Clarion Gramercy, said: “France is an increasingly attractive market and focus for the Clarion Gramercy team, as e-commerce penetration increases at a faster pace than in many other Western Europe markets and new supply struggles to keep up with growing demand.”
For the Reau investment, Clarion Garmercy was advised by BNP Paribas and Herbert Smith Freehills. The law firm also advised on the transactions in Brebieres and Dijon.
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