CBRE Global Investment Partners and Arax Properties have purchased a portfolio of 12 French logistics assets.
The pair paid €240m (£171m) for the Nautilus portfolio of assets, which are located mainly in the Lille to Marseille corridor.
The assets cover 4.7m sq ft and are 98% let to five tenants including Logidis and Easydis, with strong covenants in place.
Jeremy Plummer, chief executive of CBRE Global Investment Partners, said: “We believe the weight of capital in the European real estate market chasing logistics assets will drive further yield compression, making this a particularly attractive sector to invest in.
“The Nautilus portfolio has strong property fundamentals – high occupancy rates, a lack of supply where these assets are located and the fact that one of our major tenants considers these sites part of its long-term business plan. We expect the portfolio to deliver a strong income return for our investors.”
