Investor KKR has bought a stake in French real estate firm Etche France to continue to build its logistics presence in continental Europe.
The stake in the €400m (£357m) private firm has been bought from Groupe BMF and co-founders. Etche was founded in 2010 by the late Jean-Pierre Raynal and Léon Baruc. It owns and operates a portfolio of more than 120 assets across France in the logistics, light industrial and office sectors.
KKR has been steadily buildings its industrial and logistics presence in Europe, having acquired around 8m sq ft of space over the past 24 months across France, the Netherlands, Italy, Spain and Ireland.
Mai-Lan de Marcilly, director of European real estate at KKR, said: “KKR and Etche have substantial experience having successfully invested together in the French logistics and light industrial sectors for the past six years. This transaction comes as an exciting next step in our relationship and reinforces KKR’s trust in the Etche team.”
Etche chief executive Léon Baruc added: “This transaction will give us the chance to broaden our horizons. Etche will remain a nimble company with the financial strength and expertise of a major one.”
The investment in Etche was made through a European real estate fund managed by KKR.
KKR was advised by Gide, Etude Wargny Katz, Norton Rose and Accuracy. Etche was advised by Cabinet Kramer Levin, Etude Durant des Aulnois and CE2C Expertise & Conseil. Groupe BMF was advised by Bredin Prat.
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