Deka Immobilien has exchanged contracts to secure the purchase of a logistics portfolio in northern France for €136 million ($162 million) under a sale-and-leaseback transaction.
The three logistics centers are intended to become part of the portfolio of the WestInvest TargetSelect Logistics sector fund, which is aimed at institutional investors. All of the properties are fully leased to LOG’s, a leading logistics provider in northern France.
Two of the properties are located in Wattrelos in the urban community of Lille Métropole and have a total leasable space of almost 130,000 square meters (1.4 million square feet). The third is located in Maubeuge, a town on the French-Belgian border well-known for its automobile industry, and it has a leasable space of 25,000 square meters (269,097 square feet). While two of the logistics centers were completed in mid-2020 and are already in use, the largest center in Wattrelos is expected to be completed in June 2022.
