PATRIZIA AG buys logistics warehouse in France

PATRIZIA AG has purchased a 61,000-square-meter (656,598-square-foot) newly-developed logistics warehouse in Andrézieux-Bouthéon, France, on behalf of one of its Pan-European logistics funds from Goodman France.

Financial terms were not disclosed.

The state-of-the-art warehouse is located on the “ZAC de l’Orme” industrial estate in the prime logistics Rhône-Alpes region, 15 kilometers (9.3 miles) north of Saint-Étienne, a city in east central France.

The property is already 100 percent let to C-Logistics, the logistic affiliate of Cdiscount, the second-largest online retailer in France, on a long-term lease. The property will be used as C-Logistics’ main distribution center, strategically located near its parent company headquarters in Saint-Étienne.

“This latest acquisition adds another high-quality and well-located core asset to our portfolio that will benefit from the robust e-commerce activity in western Europe,” said Nicolai Soltau,