Barings has completed the sale of a logistics asset in Saint-Ouen l’Aumône, France, on behalf of its pan-European logistics joint venture (PELV), to Fidelity International, acting on behalf of the Eurozone Select Real Estate Fund (FIREF), for an undisclosed price.
Barings acquired the asset, which is located in the greater Paris area, in December 2020 and redeveloped the building, with construction completing in September 2021.
The asset, which has a net lettable area of 23,760 sq m (circa 255,000 sq ft) was then fully let to four tenants before BNP Paribas and CBRE marketed the property for sale.
Guillaume Bieganski, managing director and head of French real estate at Barings, said: “Having carried out our strategic asset management initiatives to redevelop this asset into a Grade A space, we are disposing of the building in line with our business plan.
“The logistics market in France remains an attractive one for Barings given the fundamentals of the sector, and we’re continuing to explore opportunities in logistics as well as our other preferred sectors of residential and prime offices in city centre locations.”
Robert Schneider, managing director and PELV portfolio manager at Barings added: “This latest disposal on behalf of PELV demonstrates the strength of our asset management proposition amid a challenging economic market. With Barings’ approach of combining on-the-ground expertise with global insights, we’re well placed to continue seeking attractive returns for our investors.
“PELV remains active in our preferred jurisdictions, which include France, Italy, the UK, Spain, the Netherlands and the Nordics, although we will be uncompromising on price, location and quality of assets as we seek to deploy our investors’ capital in spaces that we believe offer strong potential.”
Barings was advised by BNP Paribas on the sale.
