Valad Europe has signed a new six year lease with a large public institution at Valad Parc des Docks in Saint Ouen, France, on 2,600 sq m of light industrial space, on behalf of its Parc d’Activités fund.
Valad Parc des Docks is a 74,000 sq m light industrial park located 800 metres from the important Porte de Saint Ouen access route into Paris. The tenant plans to use the 2,600 sq m unit as a staging post for its future projects in the region.
As Valad Europe’s first deal in France in 2013, this letting follows an active 2012 for its French team, during which a total of 90,000 sq m of space was let across 150 transactions. The transactions comprised a mixture of new leases and lease renewals with a tenant retention rate of approximately 80 per cent across the entire French portfolio.
Frederic Petit, Valad Europe’s head of asset management in France, says: “Signing such a significant deal at Valad Parc des Docks is an excellent way to start 2013 and follows a strong period of asset management activity during 2012. Much of this success is due to the strong relationships we have built up with our tenants, our dedicated team of locally based asset managers and the hard work of our brokers. We look forward to maintaining this momentum throughout the year as we build on our success in the light industrial market and actively seek to expand through targeted portfolio acquisitions with our investor partners in the multi-let value-add office sector as part of our corporate growth strategy.”
Valad Europe was advised by CBRE on the Valad Parc des Docks letting.