ProLogis European Properties (PEPR) has sold a €425m (£284m) portfolio of French logistic and light industrial assets to a subsidiary of French property investment company Foncière des Régions (FdR).
Foncière Europe Logistique, the logistics subsidiary of FdR, has bought a 556,000 sq m (6m sq ft) portfolio from PEPR, beating off competition from Segro and
The portfolio includes three assets in the Paris region: the 350,000 sq m (3.7m sq ft) Parc Garonor in Aulnay, as well as a 89,987 sq m (1m sq ft) property in Cergy Pontoise and a 77,758 sq m (837,000 sq ft) property in Senart.
The deal also includes a 38,000 sq m asset (400,000 sq ft) in Vitrolles, outside Marseille.
Robert Watson, chief executive officer of PEPR, said: “The sale of these properties will bring our French platform in line with the rest of our portfolio of large, state-of-the-art distribution facilities.
“With over 1.5m square metres of space,
There are several French logistics portfolios on the market currently.
Henderson Global Investors is thought to be chasing a €750m (£508m) portfolio of mainly French assets being sold by Mark Steinberg’s Industrial Securities.
Courier DHL is also selling a portfolio of 51 French warehouses for €250m (£167m) and German logistics provider Kuehne & Nagel has a €200m (£134m) portfolio of assets across France, Germany, Belgium and Spain for sale.
CBRE, M3 Capital Partners and Morgan Stanley advised ProLogis European Properties.
