Lidl France’s logistics roll out continues with Barings buy
Lidl France has acquired a 50,409 sq m logistics project asset in Béziers in the south of the country. Barings sold the asset on behalf of its pan-European logistics joint venture (PELV).
Barings acquired the asset on a forward funding arrangement in autumn 2021 which Lidl France will take over. The retailer will carry out significant additional fit-out to match its needs. The building is being developed by Pitch, which is part of Altarea Logistique.
PELV is a joint venture between a US insurance firm and a Middle Eastern sovereign wealth fund. The deal is the first disposal in France on behalf of PELV since its inception in 2019.
Robert Schneider, managing eirector and PELV portfolio manager at Barings said: “This first disposal demonstrates that PELV is outperforming even our original underwriting.”
In this transaction, both Lidl and Barings were advised by Cushman & Wakefield.
Lidl France has inaugurated logistics platforms in Carquefou, north of Nantes, in March this year and , its Ile-deFrance platform, in Meaux, which was built at a cost of €85 million, was opened in September.
Also in September, the company commenced work on a 62,329 sq m logistics building in Gondreville, west of Nancy, which is due for completion next May.