AXA IM – Real Assets has sold a logistics portfolio in Mer near Orléans, France, to German fund manager Real IS.
The portfolio comprises three logistics properties completed in July 2020 with lettable space totalling 123,000 sq m and total warehouse space of 118,000 sq m. The assets are fully let to three tenants, logistics firms DB Schenker and Agediss, and French furniture and household applicances retailer But.
Real IS has acquired the assets for its BGV VIII Europa real estate special AIF and Realinvest Europa, an open-ended real estate fund for private individuals.
The portfolio was developed by Baytree Logistics Properties, which developed the properties on a build-to-suit basis.
Orléans is France’s fourth largest logistics market after Paris-Île-de-France, Lyon and Lille.
“Investing in the French logistics market has enabled Real IS to give its customers the possibility of participating the growing importance of e-commerce,” said Real IS’s global head of investment management Axel Schulz.
The purchase price has not been disclosed.