At first glance, one might think that the logistics and industrial real estate market has managed to fare well since the start of 2026—a year that is already shaping up to be an annus horribilis for the French commercial real estate sector. After all, this sector accounted for 44% of national transaction volumes during the first half of 2026.
But a closer look reveals that Blackstone’s €2.3 billion acquisition of Proudreed accounted for 78% of the €2.9 billion directed toward the sector during the first six months of the year. And that, excluding this massive deal, the €423 million invested in French logistics real estate during the period actually represents a 71% decline compared to the €1.5 billion recorded in the first half of 2025; and the €206 million deployed in business parks, excluding the mega-transaction, represent a 44% decline.
When analyzing the most significant transactions signed since January, Business Immo identified five deals exceeding €100 million for the first half of 2025. This year, the market has recorded only one… Proudreed.
“Persistent uncertainties have led several owners to withdraw their assets from the market, further reducing the available supply,” noted Franck Poizat, co-head of the industrial division at BNP Paribas Real Estate Advisory France, during the presentation of the Immostat results in early July. “Nevertheless, investor interest remains strong, as evidenced by the numerous negotiations currently underway.”
This cautious optimism appears to be justified by the start of the third quarter, as three of the five largest logistics transactions of 2026 were signed in July. First, Groupama Immobilier acquired a portfolio of eight assets from Vectura Immobilier on behalf of the OPPCI Groupama Gan Logistics for €48.5 million. Next was the acquisition of the Asphalte portfolio—a group of five logistics hubs—signed by Morgan Stanley IM from Hines for €104 million. And finally, Logicor’s sale of the Project Volt portfolio to EQT Real Estate, a pan-European deal worth €532 million, of which the French portion—two warehouses located in Brebières and Recy totaling 85,252 m²—represents an investment of €70 million.
| Quarter | Asset | Locations | Buyer(s) | Seller(s) | Area | Amount | |
| 1 | Q2 | Proudreed portfolio spread across France | Throughout France (510 buildings) | Blackstone, CPP Investments | Proudreed | 1,600,000 m² | €2.3 billion |
| 2 | Q3 | Asphalt Portfolio | Chilly-Mazarin, Sainghin-en-Mélantois, Duttlenheim, Saint-Pierre-des-Corps, and Blanquefort | Morgan Stanley Investment Management | Hines | 160,000 m² | 104 M€ |
| 3 | Q3 | 2 French assets in the Project Volt portfolio | Brebières and Recy | EQT Real Estate | Logicor | 85,252 m² (**) | 70 M€ (**) |
| 4 | Q1 | Seafrigo Warehouse | Le Havre | WDP | AG Real Estate | 65,000 m² | 58 M€ |
| 5 | Q3 | Portfolio of eight properties | Paris, Lyon, Nîmes, Toulouse, and Nantes | Groupama Real Estate | Vectura Real Estate | 36,665 m² | €48.5 million |
| 6 | Q1 | Biocoop Warehouse | Noves | M&G Real Estate | Aberdeen Investments | 28,559 m² | 47.5 M€ |
| 7 | Q2 | ITM Food Logistics Warehouse | Montsoult | M&G Real Estate | PGIM Real Estate / Alderan | 18,200 m² | 38.5 M€ |
| 8 | Q1 | Ferrero Warehouse | Barentin | Argan | Ferrero | 19,750 m² | 35 M€ |
| 9 | Q1 | Minth Electricity Technology (*) | Lillers | Ampere / Minth Group | Scannell Properties | 23,000 m² | 35 M€ |
| 10 | Q1 | Matel Warehouse | Illiers-Combray | Clarion Partners Europe | Affinius Capital/Mountpark | 35,500 m² | 30 M€ |
(*) Sale to end-user
(**) For the French portion of the Project Volt portfolio only