Clarion Partners Europe secures major 70,000 sqm warehouse letting with ID Logistics at Brebières, France
Clarion Partners Europe, a real estate investment fund manager specialising in logistics and industrial assets, has signed a long-term lease agreement at its recently completed 70,000 sq m warehouse in Brebières, northern France, with ID Logistics, an international contract logistics group.
The deal represents one of the largest leasing transactions in the high-growth French logistics market in 2021.
Alongside this letting, Clarion Partners Europe continues to progress its 180,000 sq m French warehouse development pipeline, in line with its strategy to deliver modern, generic, and flexible space in what is a critically undersupplied market.
Clarion Partners Europe, on behalf of a commingled fund client, acquired the Brebières property via a forward funding agreement in December 2019. Delivered in March 2021 the warehouse features clear heights of 11.5 m and has been constructed to a high sustainability standard, with LED lights, numerous ICPE permits, and a BREEAM “Good” certification.
The city of Brebières is strategically located within the main French logistics corridor, with 31.5 million people living within 200 km, and sits within one of France’s densest road networks. The property is c7 km from the A1 highway, the main north/south arterial route leading to Lille and Belgium to the north and Paris to the south.
In Reau, an established logistics location c40 km southeast of Paris city centre, Clarion Partners Europe is on track to deliver 69,000 sq m of modern warehouse space, comprising five cells of 12,000 sq m and two cells of 3,000 sq m, by the end of Q4 2021. Situated on the established Parc Logistique de l’A5, the speculative development will be suitable for a range of tenants and is targeting a BREEAM Very Good rating and a BioDivercity label.
Clarion Partners Europe is also funding the development of an institutional quality, 74,245 sq m logistics warehouse, divisible for up to four units and suitable for a range of potential tenants, in Boisseaux, south of Paris. Expected to complete in Q4 2021, the property will include five-tonne floor loading, clear heights of 10.7 m and will target a BREEAM Very Good certification. Some 42 per cent of the surface area is already leased to a Safran group company.
In Marolles sur Seine, in north-central France, construction of a 37,000 sq m warehouse will commence later this year, with practical completion targeted by Q3 2022. The modern property will benefit from excellent transport links, including being adjacent to the A5 highway, a major arterial route connecting the Parisian region with the Langres area.
Tangi Le Balc’h, Senior Asset Manager, Clarion Partners Europe, says: “Since the start of 2018, we have invested over EUR400 million in the French logistics market, reflecting our conviction in a market experiencing one of Europe’s fastest-growing rates of e-commerce penetration. We are seeing a perfect storm of historically low availability of institutional grade quality product in close proximity to the major urban areas combined with growing demand as an increasing number of businesses seek to future proof their operations to meet changing consumer habits. This supply demand imbalance is allowing us improve the rental tone of the portfolio through asset management initiatives, whilst underpinning a confidence that our development pipeline, leveraging our in-house expertise, will generate attractive returns once delivered to the market.”
At Brebières, Clarion Europe was advised by Arthur Loyd Logistique as part of a tri exclusive mandate with JLL and Tostain et Laffineur.