IS Europe purchase Grade A Logistics Platform
27 May 2016
IS France in partnership with Marathon have recently acquired a Grade A logistics platform. The platform is located near the town of Amiens (150km North of Paris) and is in close proximity to important transport networks – A16 & A25 motorways.
The platform, with a 20 250m² gross internal area, represents an investment of €7M, the annual rent is €661K to generate an attractive yield of circa 9.5%
The property will be held by the Mistral Properties 2 REIT, a joint venture with Marathon which includes the Tigery and Sunrise warehouses acquired in 2015.
The buildings are fully let to two quality tenants on long leases. Amiens Hospital use their unit (10 000m²) to centralise their archives, the other tenant, Goodyear Dunlop, use their unit (10 250m²) to store tyres, this unit recently received a substantial fire protection upgrade due to the storage of the tyres.
The platform is in excellent order and offers opportunities to add value through active asset management.