Barings has agreed on the sale of a last-mile logistics asset in Savigny-le-Temple, France, to ESR Europe, acting on behalf of its value-add discretionary fund ARA Europe Active Real Estate Fund V.
The sale was made on behalf of PELV, a pan-European logistics joint venture between a U.S. insurance company and a Middle Eastern sovereign wealth fund targeting core-plus/value-added assets, managed by Barings.
Both parties agreed not to disclose financial information.
The 22,582-square-meter (243,071-square-foot) property was acquired by Barings in June 2018 as part of a two-asset logistics portfolio. Built in 2004, the warehouse meets grade A logistics standards and is located in the Parc d’activités du Bois des Saints-Pères — an established industrial park with more than 300,000 square meters (3.23 million square feet) of logistics
