Transactions - MAY 30, 2017

Carlyle Group acquires logistics portfolio in France

by Released

The Carlyle Group has acquired a 1.9 million–square-foot logistics portfolio in France on behalf of investment funds that it advises. The seller was Prologis.

This acquisition marks the first stage of Carlyle’s plan to assemble a high-yielding French logistics platform where demand is driven by the exponential growth of e-commerce and rapidly evolving consumer behavior.

The portfolio is currently 80 percent-plus occupied and comprises eight modern logistics units with an average construction date of 2003. More than 80 percent of the portfolio’s value is located in Paris and Lyon — the two largest consumer and industrial markets in France — and in other established regional markets. The portfolio also offers a number of value-enhancing asset management opportunities, including lease-up of the vacant space, refurbishments, lease re-gears and potential new development.

Carlyle intends to grow its presence in France, one of Europe’s largest logistics markets, as well as other Western European markets through additional investments in locations exhibiting attractive supply-demand fundamentals. Carlyle believes the French market represents an attractive investment proposition with increased take-up on the back of modest economic recovery and rapid online sales growth, and a shortage of class A assets.

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