A Barings-managed pan-European logistics joint venture (PELV), created by a US insurer and a Middle Eastern sovereign wealth fund, has sold a French logistics asset to an ESR Europe fund.
The 22,000 square meters last-mile logistics asset in Savigny-le-Temple was sold to ESR Europe, acting on behalf of its value-add discretionary fund ARA Europe Active Real Estate Fund V, for an unspecified sum.
ESR Europe said the logistics facility marks the fifth property added to Project Jasmine, the firm’s French urban logistics aggregation initiative launched in 2023.
The Savigny facility will undergo repositioning, with a business plan that includes upgrading the vacant property to current standards.
Source: realassets.ipe.com on the 24th of June