Clarion Gramercy has agreed to forward fund two class A warehouses in prime French logistics locations, for a total consideration of €122.5 million ($136.6 million). In addition, CG acquired an 18,857 square meters (tk square feet) warehouse for €11.5 million ($12.8 million).
The three separate transactions, two of which are logistics developments made on behalf of one of its commingled funds, take CG’s investment in France since the start of 2018 to more than €350 million ($390 million).
In Reau, an established logistics location 40 kilometers (25 miles) southeast of Paris city center, CG will fund the speculative development of an institutional-quality, 68,642-square-meter (739,000-square-foot) logistics warehouse, suitable for a range of tenants. Construction will commence in first quarter 2020 and is expected to take approximately 12 months, with Nexity, one of the largest real estate services company in France, responsible for the development phase.
