Valor Real Estate Partners (Valor), has completed, on behalf of its joint venture with QuadReal Property Group (QuadReal), the acquisition of a 7,000m² (c.75,300ft²) ultra last mile logistics building in Romainville, France.
Acquired off market from a private seller, Valor intends to undertake a light refurbishment to improve the unit’s environmental performance and ESG credentials.
The property sits on a 10,000m² (c.107,600ft²) plot and has a 35m yard and a 10m clear height.
It has been acquired with vacant possession, allowing Valor to progress its refurbishment programme immediately.
Paris is one of Valor’s high-conviction markets, where it has deployed c. €200m (c.£170m) of investment over the last 12 months.
Senior vice president at Quadreal Thomas Blangy said: “This is an attractive acquisition and one that is firmly aligned with our global investment strategy of targeting high growth urban logistics hubs in key markets, of which Paris is certainly one.
“Together with Valor we have built a high-quality portfolio of well-located industrial and logistics assets representing over 625,000 sqm of space across Europe and the UK.”
