Harbert and DeA Capital buy 73,000 sq m French business park portfolio

Harbert Management Corporation and DeA Capital Real Estate have acquired a portfolio of seven forward-funded business parks in France, covering around 73,000 sq m, through a joint venture.

The portfolio comprises new-build assets in Croissy-Beaubourg in Île-de-France, Mondeville near Caen, Petit-Couronne near Rouen, Ludres near Nancy, Chasseneuil near Poitiers, Marck near Calais, and Le Mans.

The joint venture acquired the sites from developer Axtom, with its subsidiary Axdev scheduled to deliver the assets between late 2026 and early 2027. Harbert completed the acquisition through its European real estate platform. A banking pool provided the financing, and the parties did not disclose financial terms.

Harbert Management Corporation is a US-based alternative asset manager focused on real assets, while DeA Capital Real Estate is a Europe-focused real estate investment manager.

The projects focus on the redevelopment of brownfield sites and soil remediation and will deliver flexible unit configurations aimed at a broad range of occupiers. The developments target high energy-efficiency standards, with BREEAM Excellent and Very Good certifications. All solar-ready roof surfaces have been equipped with photovoltaic panels, with total installed capacity of 5 MWp.

Florent Danset, senior managing director and co-head of European real estate at Harbert Management Corporation, said: “Multi-let industrial, including modern business parks such as the assets acquired in this transaction, remains one of our highest-conviction sectors in France and across Europe.

“We have seen a clear pick-up in leasing activity in recent months, with occupiers continuing to prioritise high-quality, sustainable space. Even during periods of softer occupational demand, modern and flexible units close to dense urban areas have shown strong resilience. With new supply constrained, the demand-supply balance remains supportive.”

Harbert’s European real estate platform has managed more than 1 million sq m of multi-let industrial assets, with a combined gross asset value exceeding €1.8 billion across core European markets.

Eric Desautel, principal and head of France at Harbert Management Corporation, added: “This investment reflects one of our highest conviction sectors. Well-located light industrial and business park assets sit at the intersection of logistics and light manufacturing, benefiting from near-shoring dynamics, evolving supply-chain needs and last-mile requirements. In an environment where new development is becoming more complex and constrained, high-quality sustainable assets that meet evolving regulatory standards are increasingly valued by both tenants and long-term investors.”

DeA Capital Real Estate said the French business parks market offers an attractive entry point for long-term international investors, combining income visibility, market depth and performance potential, particularly for newer, well-located assets aligned with ESG standards.

Axtom said the transaction demonstrated its ability to originate and deliver high-quality real estate projects for institutional investors, supported by locally embedded teams and a strong understanding of regional development constraints and economic needs.

The French business parks segment continues to benefit from structurally strong occupier demand and constrained new supply, while offering yield levels that compare favourably with those of more traditional real estate asset classes. The sector has also attracted increasing interest from international institutional investors, supporting liquidity and transaction depth.

Four general contractors – GSE, Kleidi, Lockroy and Axess – are delivering the schemes. Architects include Agence France and Apside.

Harbert Management Corporation and DeA Capital Real Estate were advised by Lasaygues, DLA, Enoma and Etyo.