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Property EU
28th November 2017
Valor, AIG JV completes 1st acquisition in France

Valor Industrial Partners 1 (VIP1), a newly-launched investment partnership between Valor Real Estate Partners and AIG Global Real Estate, has acquired an 80,000 m2 metre portfolio of three logistics assets located around Paris, in an off market deal worth €35 mln.

The vendors are UK REIT Segro and its Continental European joint venture, SELP.

Valor, set up last year by former Delin CEO Christian Jamison with US private equity firm KSH Capital, said last month that it was joining forces with US insurance group AIG to launch a value-add investment fund focusing on European logistics and industrial assets.

The package comprises two assets located to the east of the city, including an 18,000 m2 metre income generating, cross-dock facility in Croissy Beaubourg (acquired from Segro) and a 43,000 m2 refurbishment opportunity in Emerainville, as well as a 19,000 m2 multi-let asset in Les Ulis (acquired from SELP).

Croissy Beaubourg and Emerainville are currently fully let to Fashion Partner Network and DHL respectively, although DHL is due to vacate by year end providing an opportunity to reposition the asset. Les Ulis is multi-tenanted with 4,000 m2 available for new tenants.

VIP1 will invest a further €8 mln of capex into the portfolio, primarily to fund a complete refurbishment of Emerainville.

Christian Jamison, managing partner of Valor commented: 'The deal underpins VIP1's strategy of investing in good quality assets, with strong fundamentals in high barrier to entry, urban locations.

The deal is being closed all equity although it is anticipated that debt will be added in the near term.