GLP acquires an XXL logistics warehouse in Saint-Martin-de-Crau from AG Real Estate
GLP, a leading investor and developer of logistics warehouses and distribution parks, announced today that it has acquired a 110,000 SQM Class A property from AG Real Estate. The building is situated in Saint-Martin-de-Crau near Marseille.
The XXL asset, operated by XPO Logistics, is fully leased to Castorama, one of France’s leading DIY retailers. This acquisition marks GLP’s sixth asset in the Saint-Martin-de-Crau logistics zone, which is strategically located less than an hour from Marseille, France’s third largest logistics hub.
Completed in 2014, this logistics platform was built to suit for Castorama. The warehouse totals 110,336 SQM on a 362,472 SQM site area. It also benefits from high environmental standards and has dual certification: HQE Excellent and BREEAM Good.
This major acquisition continues GLP’s strong momentum in France in recent months. GLP currently manages nearly 850,000 SQM of logistics buildings in the country, marking a 30% increase from 2020. The portfolio will continue to grow in 2022 with the expected delivery of three greenfield projects representing more than 140,000 SQM – GLP is expected to pass the milestone of 1 million SQM in total this year. The firm is pursuing a proactive strategy, both in terms of investment and development, across the country’s main regional markets, driven by robust rental dynamics.
Philippe Graziani, Managing Director of GLP in France, commented: “2021 has been a year of record growth for GLP in France and this latest strategic acquisition allows us to increase our presence in Saint-Martin-de-Crau, with almost 300,000 SQM in the portfolio or under construction. We are proud to continue to support the Castorama team and I would like to thank the AG Real Estate team once again for their cooperation on this transaction, which was completed in record time.”
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