Industrial Securities France acquire EUR 62M portfolio in and around Paris - Marcol Group

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Industrial Securities France acquire EUR 62M portfolio in and around Paris

January 22, 2016

IS France in partnership with Marathon, has completed the purchase of the Sunrise portfolio for the sum of EUR 62M.

The complex corporate acquisition involved the purchase of 5 companies in Luxembourg and France, and a portfolio comprising of 16 assets amounting to 112.000m² of gross leasable area located mainly in the greater Paris region, Lille and the South East of France.

The majority of the assets are warehouses and light industrial parks located in well established commercial zones but also offices in and around Paris. The occupation rate of the portfolio is 80% and generates €6.65M of annual rental income. There is a strong tenant base including Geodis, La Poste, ID logistics, OCP Pharmaceuticals and also the International School of Paris.

The plan for the portfolio is for thirteen of the sixteen assets to be added to the two funds created for the News and Jasmine portfolios, acquired over the past year. The Asset Managers plan to implement an intensive program of asset management initiatives to release the portfolio’s full value including an important capex plan, re-gearing of leases, dynamic marketing and letting strategies and repositioning of certain assets.

With regards to the remaining three assets, IS is already contracted to sell one vacant logistics platform, a multi let office building in Paris will be traded in 2016 and a light industrial site north of Paris will be redeveloped involving a change of use.

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