Manova Partners has sold an approximately 13,000 square metre fully let cross-docking logistics property in Gonesse via an off-market deal to an investment fund managed by Morgan Stanley Real Estate Investing (MSREI). The property is located at an important transport hub in the Val-d'Oise department in the Paris metropolitan region. Most recently, the lease with the long-standing user was extended.
Julia de Bonnefon, Head of Transactions France Belgium and Luxembourg at Manova Partners, says: "The transaction shows that well-located logistics properties with solid fundamentals and rent increase potential continue to be in demand among investors. We have actively managed the logistics property for many years and have further strengthened the long-term security of earnings with the extension of the lease."
The property benefits from its proximity to Paris-Charles-de-Gaulle International Airport and its connection to the region's central A1 and A3 transport axes.
Manova Partners held the property for approximately 10 years and implemented an active asset management strategy during the holding period led by Dimitri Maillard, Head of Asset Management Western and Southern Europe, and Tom Villate as lead asset manager.
JLL and Fire AM advised the buyer on the transaction. Manova Partners was legally advised by Osborne Clarke and Clifford Chance acted as legal advisor to the buyer. Wargny Katz acted as notary on the transaction.
