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PGIM Real Estate acquires grade-A logistics platform in Salon-de-Provence
PARIS, 12 Nov. 2018 – PGIM Real Estate has acquired a 100,000-square-meter grade-A logistics platform located in Salon-de-Provence, 60 kilometers north of Marseille, on behalf of an institutional investor. PGIM Real Estate is the real estate investment business of PGIM Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The logistics platform is located in an established area highly sought after by both prime retailers and logistics specialists. It further benefits from direct access to two highways linking the north and south of France, allowing the delivery of goods across the entire Mediterranean arc and the Lyon-Marseille axis.
The property was built in 1995 as a turnkey property for Carrefour and was extended in 2003 and 2017. It comprises two structurally independent buildings – one dedicated to ambient storage and the other to cold storage – on a 240,000-square-meter plot. It is 100 percent let to retailer Carrefour with a remaining firm period of approximately eight years.
Both buildings comply with all the latest grade-A logistics requirements and allow for cross-docking operations.
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"The warehouse’s strategic micro-location, size and rare technical specifications that anticipate the future needs of the logistics industry, along with a positive outlook for the long-term drivers of demand for logistics, means that this is an ideal opportunity for our investor.”
“The warehouse’s strategic micro-location, size and rare technical specifications that anticipate the future needs of the logistics industry, along with a positive outlook for the long-term drivers of demand for logistics, means that this is an ideal opportunity for our investor,” said Jocelyn de Verdelon, PGIM Real Estate’s head of France, Spain and Portugal. “This transaction further demonstrates PGIM Real Estate’s ability to execute on core strategies in the logistics sector, in addition to the value-add office acquisitions that we have more recently completed.”
PGIM Real Estate was advised by notary Wargny Katz, law firm De Pardieu Brocas Maffei and technical consultancy Etyo. Financing was provided by Deutsche Pfandbriefbank AG.
The sellers were advised by Edmond de Rothschild and notary Frémont Hey.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 17 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.2 billion ($49.5 billion net) as of June 30, 2018. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
About PGIM and Prudential Financial, Inc.
With 15 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of June 30, 2018. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 15 countries across four continents.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit pgim.com. For more information about Prudential, please visit news.prudential.com.
Prudential Financial, Inc., of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom.
© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 18BDUFF – B6BJPP
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