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Barings Real Estate Advisers Makes First Acquisition in France with Purchase of Prime Logistics Unit in Lille

Nov 25, 2016

Charlotte (November 25, 2016) Barings Real Estate Advisers (formerly Cornerstone Real Estate Advisers), one of the world’s largest diversified real estate-focused investment advisers, announces that it has acquired a land in the CRT of Lesquin (Lille, France) from Norauto. The demolition of the existing va-cant building and the construction of a new 10,292 sq m Grade A refrigerated warehouse unit will be undertaken by Virtuo Industrial Property with whom a “Contrat de Promotion Immo-bilière” (development contract) has been signed. Once completed, in 12 months’ time, the fu-ture property will be fully let to XPO Logistics on a fixed nine year lease.

 

The property is well located within the CRT Lesquin industrial and logistics zone. CRT Lesquin is one of the most sought after regions on the ‘dorsale’ axis, France’s prime logistics corridor that connects Lille in the North, via Paris and Lyon, to Marseille in the South of the country, offering excellent transport links across the country.

 

The purchase has been made on behalf of a pan-European core investment strategy, which targets attractive cash returns by investing in office, retail and industrial assets in major European markets. Barings was advised by Oudot & Associés (Notary), Fairway (lawyers). Tostain & Laffineur acted as brokers.

 

The acquisition marks Barings Real Estate Advisers’ debut investment in the country, following the opening of its Paris office and the appointment of Severine Laffineur in November last year.

Commenting, Gunther Deutsch, European Head of Transactions at Barings Real Estate Advisers, said: “Upon completion, this Grade A unit in CRT Lesquin will provide us with exposure to one of the key French logistics markets through a core income-producing asset, acquired at an attractive price due to the forward funding structure of the acquisition. It is exactly the type of investment we are looking to make for our pan-European core investment strategy and is the ideal entry point for Barings Real Estate Advisers in France.”

 

Severine Laffineur, Head of France at Barings Real Estate Advisers, added: “The logistics sector continues to present a compelling case in France as well as Europe more broadly, as it has benefited hugely from structural changes in the way that consumers and companies operate in past years. This asset is well positioned to take advantage of this, offering over 10,000 sq m of Grade A space that is fully let to a strong tenant in a key area of French logistics.”

 

About Barings,

Barings is a $284 billion*global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 17 countries. Babson Capital Management LLC and Cornerstone Real Estate Advisers LLC are now operating as a unified company under the Barings name. Learn more, at www.barings.com.

*As of September 30, 2016.

Media Contact

Cheryl Krauss
Communications
300 South Tryon Street 
Charlotte, NC 28202 
Cheryl.Krauss@barings.com

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