PGIM Real Estate strengthens French logistics portfolio for European value-add strategy

PGIM Real Estate has completed two logistics investments in the north of Greater Paris, France.

The two acquisitions are on behalf of its closed value-add strategy, European Value Partners (EVP) II fund. PGIM Real Estate is the $209.3 billion real estate business of PGIM.

The first investment is the acquisition of a 240,000-square-meter (tk-square-foot) land plot with logistics use in Avrigny, a city located in the Oise department, 70 kilometers (tk miles) from the center of Paris. PGIM Real Estate plans to develop up to three logistics platforms totaling about 110,000 square meters (tk square meters) and has signed a preliminary development contract with developer Quartus. The size of the land offers a strong opportunity set with flexibility, as it is suitable for both multi-property development, as well as substantially sized warehouses.

The second investment is the acquisition from Quartus Group, through a forward-purchase contract subject to building permit