Barings completes sale of logistics asset in Paris suburbs

Barings has completed the sale of an asset in Saint-Ouen l’Aumône, France.

Acquired by Fidelity International on behalf of the Eurozone Select Real Estate Fund (FIREF), it is the second disposal in France on behalf of Barings’ Pan-European logistics joint venture (PELV), closely following that of an asset in Béziers in the south near the Spanish border.

Barings acquired the asset in Saint-Ouen l’Aumône, a suburb northwest of Paris, in December 2020 with the intention of redeveloping the existing building into a 23,760-square-meter (255,751-square-foot) logistics platform that was 50 percent pre-let. Despite the pandemic, construction was completed in September 2021, when it already was 85 percent pre-let. Barings fully let the property to four tenants by mid-2022.

The asset is located within a top logistics hub in the French capital, and is 25 kilometers (15.5 miles) from the Paris ring road and 40 kilometers (24.9 miles) from Paris Charles de Gaulle Ai