- This property, which is fully let on a long-term basis, marks SICORE’s third high-profile logistics acquisition following recent purchases in Spain and Germany
SICORE Real Assets has successfully completed a further logistics property acquisition, purchasing a property of approximately 24,000 m² in Saint-Vulbas, France, near Lyon. This transaction marks the company’s third acquisition of a large logistics asset, following its recent purchases of similarly sized properties in the immediate vicinity of Valencia and Frankfurt am Main. SICORE is thus consistently driving forward its own growth strategy in the logistics segment, with the aim of further expanding the logistics share in its managed property portfolio, which currently stands at more than 14 per cent.
Under a sale-and-lease-back transaction, the seller of the property is also, indirectly, the long-term and sole occupier of the space: the logistics company Astr’in. Under the terms of the purchase agreement, the company has committed to the site – located around 30 minutes north-east of Lyon Airport – for at least 12 years. This attractive macro-location in France’s second-largest conurbation and one of its most important logistics hubs is complemented by an equally favourable micro-location directly at the junction of the D20, D84 and D124 trunk roads.
The asset, which can be flexibly partitioned, comprises a six-section, single-storey logistics hall with a floor area of almost 23,500 m², as well as a single-storey annexe with around 500 m² of office, staff and technical space. In addition, there are 39 car parking spaces and a further eight lorry parking spaces. Following the completion of the first three sections in 2019, the remaining three sections were added in 2022. This makes it a relatively new, high-quality logistics property that also meets high standards in terms of sustainability. The asset is classified as energy efficiency class A.
“An intermodally connected asset of this quality in an established logistics cluster does not come onto the market very often. We are therefore delighted that, together with our partner Astr’in, we have been able to develop a sustainable win-win solution and thereby specifically strengthen our presence in the French logistics market. I would like to thank everyone involved for their excellent cooperation,” said Dr Nikolai A. Mader, Head of Investment Management Real Estate at SICORE Real Assets.
BNP acted as intermediary in the transaction.
