Hines has acquired 11 logistics assets spanning 350,000 square meters (3.8 million square feet) across France on behalf of its Hines European Value Fund 2 (HEVF 2), from Auchan, the French multinational retail group.
The acquisition, which is a sale-and-leaseback transaction, marks the first investment in France by HEVF 2, with Auchan, one of France’s leading grocery retailers and distributors, remaining the long-term tenant across the entire portfolio. The 11 assets are located in Paris, Bordeaux, Clermont-Ferrand, Lyon, Nîmes, Strasbourg, Tours and two sites apiece in the Amiens and Lille regions, respectively. Hines France will manage the assets.
The HEVF series invests across the major real estate sectors. HEVF 1 focused on core-plus and value-add office investments, and HEVF 2 is most active in the logistics and living space. With this acquisition, logistics is one of the larger sectoral allocations of the fund.
"Many cross-border investors have struggle
