French logistics portfolios continue to attract international investors.
Following a two-round bidding process that ended at the beginning of November, the joint venture between Garbe Industrial Real Estate and a fund managed by BlackRock has acquired an exclusive interest in the Warenet portfolio, which was put up for sale by Alderan on behalf of PGIM.
According to Business Immo's source, the investment is in the region of €90 million, reflecting a yield of less than 5.5%.
The Warenet portfolio, whose sale was orchestrated by BNP Paribas Real Estate and Eastdil Secured, comprises four logistics warehouses totalling 108,700 square metres and built between 1976 and 2021. Built on 213,000 square metres of land, they are in Saint-Quentin-Fallavier, south-east of Lyon (33,000 square metres); Marignane, near Marseille Provence airport (15,000 square metres); Fontenoy-sur-Moselle, west of Nancy (36,300 square metres); and Durtal, north of Angers (24,300 square metres).
The portfolio is 96% leased with total rental income of €4.9 million and an average remaining term of 4.8 years. Major tenants include ID Logistics, Neolog and Pomona Episaveurs. It also benefits from potential rental reversion of 26%, particularly on assets in Durtal (+39%), Saint-Quentin-Fallavier (+34%) and Marignane (+24%).
Announced in September, the joint venture formed by Garbe and BlackRock aims to "build a portfolio of logistics real estate with strong environmental sustainability credentials", the partners said in a press release. At the beginning of August, the company acquired a plot of land near Rennes for the development of a 27,000-square-metre divisible warehouse, scheduled for delivery in autumn 2025, as well as a 200,000-square-metre brownfield site in Salzgitter, Germany, where it plans to build a 70,000-squaree-metre warehouse.
Buoyed by a number of portfolio disposals, including Montclair (€325m), Reverso (€150m), Shine (€220m), Pâris (€135m), Onyx (€135m) and Palm (€97m), €2.3 billion was deployed in the first three quarters of 2024 in the French logistics market, according to ImmoStat.
Contacted by Business Immo, Alderan and Garbe declined to comment.