Mixed use

Parc Médicis, Fresnes, France

Industrial Securities (IS) is a dynamic private-property company owned by MARCOL, established in 1995. It specialises in the acquisition, development and management of logistics warehousing, industrial and commercial property throughout Europe.

One of Industrial Securities’ largest acquisitions is Parc Médicis, a well-located industrial park south of Paris in Fresnes. Built between 1990 and 1992, it was configured as a ground-floor light industrial/warehouse space with offices sitting above.

Parc Médicis comprises six co-owned industrial-warehouse and ancillary office buildings totalling 277,784 sq ft, of which 150,522 sq ft is owned by MARCOL (purchased in March 2006). The overall warehouse/office ratio is 50/50.

Vacancy rose to around 45% in the period following acquisition, but active asset management, supported by targeted improvement CapEx, reduced vacancy to 0% and it has remained below 5% for the past four years.

The park is tenanted by an array of various industries: health and pharmaceutical, IT, food and beverage, government bodies, automotive, engineering and electronics and support services. Of the 18 tenants, Fresenius Medical Care and Toshiba are the two principal.

Collectively, the rentable value of the site is just shy of €1.6million per annum and tenant retention levels continue to remain high.