TH Real Estate acquires Grade-A logistics asset in France | News
TH Real Estate has completed the acquisition of a Grade-A logistics asset in Fos-sur-Mer harbour near Marseille, France.
The asset was acquired from French IDEC and Life Groups, who completed development of the asset in February 2018.
The prime logistics centre is located in Fos-sur-Mer harbour, on the French national corridor of Lille, Paris, Lyon and Marseille. It consists of seven units, comprising 43,000 sq m (462,848 sq ft) of industrial space and 900 sq m (9,688 sq ft) of office space, and is secured on a long-term lease to XPO Logistics for nine years.
Tim Hennes, Senior Investment Manager, TH Real Estate, comments: "Fos-sur-Mer is a newly-established logistics hub and currently considered to be one of the key logistics regions in France, benefiting from the international harbour of Marseille which services products arriving from Europe and Asia. Combined with the Grade-A quality of the asset, and its flexible and adaptable specification, this building fits perfectly within our European logistics strategy, which targets low-risk logistics assets with high-growth potential."
The acquisition represents TH Real Estate's first logistics investment in France, adding to their €2.4 billion European logistics platform. TH Real Estate provides an investment opportunity for German institutional clients, seeking low-risk logistics assets with high-growth potential. Core countries for investments are France, Spain, the Netherlands and Italy, all of which show a rising demand for logistics facilities.
SVZ and Linklaters acted as legal advisors to TH Real Estate. The technical and environmental due diligence were conducted by Europtima and ERM, respectively. Jones Lang LaSalle acted as the broker.
Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.
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