GLP, a leading investor and developer of logistics warehouses and distribution parks, today announces the acquisition of a portfolio of three logistics real estate assets covering 66,000 SQ M across France from Financière ID. The acquisition was made on behalf of GLP’s pan-European logistics fund, Europe Income Partners II (GLP EIP II).
Construction of the first of the three assets acquired has just been completed. The building is located in Garancières-en-Beauce in Eure-et-Loir (28), on the outskirts of Ile-de-France. It has 17,000 SQ M of floor space and is let to ID Logistics on a six-year lease.
The two remaining assets are currently being developed by Financière ID and are expected to complete by the end of the year. The second building comprises 31,000 SQ M of space and is located in Laronxe near Nancy (54). ID Logistics will be operating this site for a DIY retailer on a seven-year lease. The last asset comprises of 18,000 SQ M and is located near Châteauroux airport (36). It is leased to a retailer specialising in the sale of sneakers and operated by ID Logistics, on a ten-year term.
GLP EIP II, GLP’s fourth European-focused investment vehicle, has raised total equity commitments of approximately €1.6 billion, enabling the fund to reach €3.2 billion of assets under management when fully deployed. This transaction follows the acquisition of a 200,000 SQ M portfolio of logistics real estate assets in Italy in March 2021. In Europe, GLP now has approximately €10 billion of assets under management in key logistics markets.
Daan van den Hoven, Head of Fund Management & Capital Deployment, Europe added: “This acquisition demonstrates our ability to source investment opportunities and deploy the capital entrusted to us by our investors in an extremely competitive market. This transaction is in line with our strategy of expanding our presence in the 12 markets in which we operate as we look to double our assets under management in the next two years.”
Philippe Graziani, Senior Investment & Asset Management Director at GLP, said: “This transaction significantly expands our presence in France, adding three high-quality assets to our portfolio. In addition, this transaction expands our relationship with ID Logistics, an existing customer in Poland and Germany. We are looking forward to welcoming Courir Group to our growing customer community and supporting its continued expansion.”
Group Marketing Manager – Europe
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Daan van den Hoven
Head of Fund Management & Capital Deployment, Europe
T +31 615 880183