Barings acquires fully-let grade A logistics asset in Toulouse


Barings has completed the off-market acquisition of a new Grade A logistics asset in Muret, Greater Toulouse, from developer, Vectura, on behalf of institutional clients for a core investment strategy. 

Barings has also entered into a binding agreement to forward fund the development of a 23,000 square meter extension of the property.
 
The 40,000 square meter building is fully let to a large industrial company, which offers a strong covenant on a long-term lease. After winning the tender for construction, Vectura completed the asset to a high specification in 2016 as a build-to-suit project. The asset now serves as the occupier’s only international logistics hub. The building has a ‘Very Good’ High Quality Environmental (HQE) rating.
 
Located 20 kms south of Toulouse, France’s fourth largest city, the property prominently sits along the A64 highway on the Atlantic Corridor, which is one of the two main logistics routes in France. Furthermore, the Property is strategically located at the crossroads of Southern Europe between Spain, Southern France and Italy. 
 
Séverine Maumy-Laffineur, Managing Director and Real Estate Country Head – France at Barings, said: “This acquisition is a strong addition to our French portfolio not only due to its quality and location, but also due to the prime covenant and long lease term. Having been built to the tenant’s unique requirements by a high quality developer, the asset is of strategic importance to the current occupier, which underpins the sustainability of income, whilst also offering an opportunity to add value through asset management over the short to medium term. We look forward to building on our new relationship with Vectura as we continue to build the platform in France.”
 
Barings was advised by Oudot &Associés (notary), LPA (legal and structuring), BNP Paribas Real Estate (commercial), OBNI (technical). Vectura was advised by SCP Pascual, Iwanesko, Bournazeau-Malavialle, Battut-Escarpit (notary) and Dentons (legal).

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