The latest deal in a busy French logistics market is for the Palm portfolio, assets that Ivanhoe Cambridge enlisted brokerages CBRE and JLL to market last winter.
According to Business Immo sources, Valor Real Estate Partners is about to win the portfolio of three assets located in Marly-la-Ville, Corbas and Salon-de-Provence, totaling some 90,000 square metres.
The pan-European investor recently distinguished itself with the off-market acquisition of a 6,000-square-meter asset in Wissous for €17 million. It had to wait until the third round, proof of the fierce competition in this segment.
Initially, Ivanhoe Cambridge was expecting more than €90 million for the three assets put up for sale. According to a source close to the matter, these were "older assets with real potential for rental reversion, which is currently the main key to success" on the market.
Ultimately, according to our information, Palm will fetch €97 million, based on a rate of less than 5% that another sector professional said was close to 4.7%.
Palm is just the latest example of the activity in the logistics market in recent months after the Daisy, Scott and Olympe portfolios, which provided the impetus for the 2023 financial year.
The portfolios completed during the first half of 2024 include one from Montclair, going to Onyx, via Podium; and the Deka Immobilien portfolio, for which Boreal IM entered into an exclusive agreement for €75 million, a purchase price reflecting a yield slightly in excess of 5%, revealed by Business Immo.
Likewise, the Pâris portfolio is about to be acquired by the American Bridge group, for a price close to €135 million and a yield of between 5.2% and 5.3%, according to our information. Add to this single assets, such as the Corbas platform, 77,000 square meters, for which 24 bids were registered in the first round. In the end, it went to Prologis for around €120 million including fees.
Ivanhoé Cambridge and Valor Real Estate Partners declined to comment on the sale of the Palm portfolio when contacted by Business Immo.