Tristan Capital Partners has purchased six French logistics warehouses and a development site from Prologis for around €110m (£95m) on behalf of Curzon Capital Partners IV.
The price reflects a 7.5% yield and this is Tristan’s fourth French acquisition in four months.
Jean-Philippe Blangy, managing director at Tristan Capital Partners, said: “This is the first logistics portfolio acquisition in France for Tristan Funds and we are privileged to have secured long-term income from grade-A occupiers in these institutional-quality, well-located assets. We see good potential to generate attractive returns for our investors with these logistics warehouses, by working closely with existing tenants and possibly developing new space. We will continue to look for new opportunities in both opportunistic and core plus segment.”
CCP IV has partnered with STAM Europe in the logistics portfolio transaction. It will act as the fund’s local operating partner and advise on asset management of the six warehouses.
Olswang acted as legal counsel and Racine acted as tax counsel for CCP IV on the purchase of the logistics portfolio, while JLL advised on due diligence. BNP Paribas Real Estate acted as adviser to the vendor.
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