Valor agrees new lettings totalling 20,000 sq m
Valor Real Estate Partners (Valor), a pan-European urban logistics platform, has secured new lettings totalling 20,000 sq m and delivered 34,000 sq m of modern urban logistics space in Paris.
Alongside progressing its current 60,000 sq m development pipeline, Valor has also completed 11 new lettings totalling 20,000 sq m across four properties.
In the affluent Paris suburb of Argenteuil, Valor has completed the letting of its 10,500 sq m, Grade-A warehouse acquired in an off-market transaction in April 2021. The unit has been leased to Chronopost for inner city food and pharmaceutical distribution, on a nine-year term.
In addition, Valor has grown occupancy from 70 per cent to 95 per cent at its distribution park in Lisses, Bois Chaland, which it acquired in Q4 2020, following commitments from four businesses, including the Museum of Natural History, totalling 4,000 sq m.
At Le Bourget Urban Distribution Park, located in a north-eastern suburb of Paris, Valor has completed the first phase of redevelopment, delivering 7,000 sq m of modern, energy-efficient warehouse space on a speculative basis. The scheme, which is being repositioned to provide distribution space for e-commerce businesses, will deliver 28,000 sq m of space in total, across four buildings, upon completion by Q3 2021. Additionally, five cells totalling 3,500 sq m have been relet since June 2020 in the existing part of Le Bourget Park, demonstrating the attractiveness of this location.
Valor has also completed the first phase of development at Brie Comte Robert, ZAC des Hauts Prés, an urban logistics park in an outer district of Paris. To date 10,000 sq m of modern space has been delivered, with an additional 3,000 sq m due to be delivered in the second phase and ready for occupation by Q4 2021. The park is already 50 per cent let following a pre-let to La Poste, and a commitment immediately post-completion from Techbuyer, a specialist in data centre equipment, to occupy 1,700 sq m.
In addition, in Q1 2021, Valor finalised the refurbishment of its c. 7,000 sq m Bobigny, ZI des Vignes, asset. This cross-dock, last mile distribution building was entirely refurbished to offer maximum functionality and cater to all last mile-logistics operator.
Finally, Valor is set to deliver 20,000 sq m of warehouse space at Louvres, Buttes aux Bergers, with the first phase of 10,000 sq m already completed and an additional 10,000 sq m scheduled for delivery in Q4 2021.
Margaux Gautreau, Asset Manager at Valor, says: “We continue to see very strong demand for modern logistics space in Paris, a market characterised by rapid e-commerce growth and by a critical undersupply of suitable product. We believe that by increasing the functionality and energy performance of the assets in our portfolio we can continue to drive rental performance and ultimately returns for our investors.”