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ARA Europe, the European real estate arm of Asia Pacific real estate fund manager ESR, has acquired a French logistics campus to form part of the seed portfolio of its latest value-add fund.
The urban logistics complex, located on the outskirts of Rouen, was acquired by ARA Europe Active Real Estate Fund V, which targets last-mile logistics warehouses in France’s logistics corridors.
The campus includes four existing buildings totaling 28,000 square meters which are 96% let, and 5,000 square meters of logistics space to be developed on brownfield sites through two upfront funding schemes.
The latest deal expands the fund’s seed portfolio, which already includes three assets.
Quentin Kello, Head of Investments at ARA Europe, said: “According to CBRE, vacancy rates in the French logistics sector are very low, with a vacancy rate of 4.7% in the fourth quarter of 2023, and a By acquiring this complex located in a major industrial cluster adjacent to , the Center will provide a strategic building suitable for urban logistics.
“Investing in such assets is attractive as e-commerce drives demand and supply is scarce. We continue to explore similar opportunities with good fundamentals and value creation potential. doing.”
In France, ARA Europe’s logistics portfolio currently consists of 12 buildings with a total area of over 250,000 square meters.
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