CCP III, the core plus fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired two prime logistics warehouses in southern France from Groupe Carnivor for a total of €56m.
The assets are located on a four-building logistics park at St. Martin de Crau, northwest of Marseille. CCP III will acquire buildings A and C on the park, comprising a total of 112,075 sqm of space, at a yield of 8.4 percent. Maisons du Monde has signed 12-year leases for both buildings. Building C was completed in the fourth quarter 2012, whilst building A was delivered in Q1 2013.
Tristan’s Curzon Capital Partners III (CCP III) raised €420m from institutional investors in February last year, deploying the proceeds rapidly. The French purchase follows the fund’s acquisition of two logistics centres in Hamburg and the Saarland in February for a sum in excess of €30m.
Advisors involved in this transaction were Salans (for Legal), Racine (Tax and Corporate), Arcadis EC Harris (Technical & Environmental) and Etude 1768 (Notaires).
