PATRIZIA acquires 61,000 sq m logistics warehouse near Saint-Étienne
E-commerce activity drives secure, long-term income
- Brand new property is 100% let to C-Logistics, logistic affiliate of Cdiscount, on a long-term lease
- Prime location in the Rhône-Alpes region, one of the most important logistics locations in France
Augsburg/Saint-Étienne, 9 September 2019. PATRIZIA AG, the global partner for pan-European real estate investment, announces the acquisition of a newly built major logistics warehouse in Andrézieux-Bouthéon, 15 km north of Saint-Étienne, France, on behalf of one of its Pan-European logistics funds from Goodman France, the global owner, developer and manager of modern, high quality industrial and business space.
The asset, comprising 61,000 sq m of logistics space, is a state-of-the-art warehouse located on the "ZAC de l'Orme" industrial estate and is fully-let on a long-term lease to C-Logistics, logistic affiliate of Cdiscount, the second largest online retailer in France. The tenant, a subsidiary of the Casino Group, will use the property as its main distribution centre in the Auvergne-Rhône-Alpes region. Saint-Étienne is a strategically important location for Casino Group as the company’s headquarters are based there and it offers excellent connections to Lyon while also being situated along France’s north-south logistics corridor.
Nicolai Soltau, Fund Manager, Logistics Europe at PATRIZIA, commented: “This latest acquisition adds another high-quality and well-located core asset to our portfolio that will benefit from the robust e-commerce activity in western Europe. C-Logistics has a strong covenant so to sign them on a long-term lease guarantees secure and stable cash flows for our investors in the years to come.”
The acquisition follows PATRIZIA’s recent acquisition of a portfolio of logistics properties in the Netherlands for EUR 130.8 million; a modern 57,000 sq m Dutch logistics facility in Waalwijk; and portfolio of six logistics properties in Germany for EUR 59 million.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages more than EUR 41 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag
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