PATRIZIA acquires 61,000 sq m logistics warehouse near Saint-Étienne
PATRIZIA has acquired a newly built major logistics warehouse in Andrézieux-Bouthéon, 15 km north of Saint-Étienne, France, on behalf of one of its Pan-European logistics funds from Goodman France, the global owner, developer and manager of modern, high quality industrial and business space.
The asset, comprising 61,000 sq m of logistics space, is a state-of-the-art warehouse located on the "ZAC de l'Orme" industrial estate and is fully-let on a long-term lease to C-Logistics, logistic affiliate of Cdiscount, the second largest online retailer in France. The tenant, a subsidiary of the Casino Group, will use the property as its main distribution centre in the Auvergne-Rhône-Alpes region. Saint-Étienne is a strategically important location for Casino Group as the company’s headquarters are based there and it offers excellent connections to Lyon while also being situated along France’s north-south logistics corridor.
Nicolai Soltau, Fund Manager, Logistics Europe at PATRIZIA, says: “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. C-Logistics has a strong covenant so to sign them on a long-term lease guarantees secure and stable cash flows for our investors in the years to come.”
The acquisition follows PATRIZIA’s recent acquisition of a portfolio of logistics properties in the Netherlands for EUR130.8 million; a modern 57,000 sq m Dutch logistics facility in Waalwijk; and portfolio of six logistics properties in Germany for EUR59 million.