Europa Capital’s European core fund EDIF has completed two transactions for around 60,000 sq m (circa 645,000 sq ft) of logistics space.
The pan-European real estate investment manager has acquired a 46,758 sq m (circa 503,000 sq ft) logistics facility in Nantes, France, which is let to Lidl on a long lease, from DTZ Investors Logistics Development Fund I, and sold a 12,171 sq m (circa 131,000 sq ft) logistics asset in Eindhoven, Netherlands.
Andy Watson, partner and fund manager of EDIF at Europa Capital, said: “Nantes is a city which we favour for its strong fundamentals of population growth and this Grade A logistics asset provides an excellent addition to the fund, with a high calibre occupier with a really strong covenant. Within the fund’s logistics portfolio, asset management prospects remain strong for both income growth and releasing embedded value by capturing reversions and realising extensions on land owned by the fund.”
Chris Cooper, CEO of DTZ Investors, added: “We launched the Logistics Development Fund in 2017 to capitalize on the profound changes in the European logistics market, particularly in the XXXL sector.
“We identified Nantes as an important growth area outside of the traditional ‘Dorsale’ corridor of France and were delighted to collaborate with Lidl to create a key hub for them in the Atlantic coast region. We are delighted Europa shares our conviction in this market, allowing us to recycle capital in the fund.”
For the Nantes acquisition, Europa Capital was advised by Alpha Logistics Real Estate, which will remain the asset manager.
