Tristan Fund Buys French Warehouses

Posted: 8th April 2013 09:24

A fund advised by pan-European investment manager Tristan Capital Partners, has acquired two prime logistics warehouses in southern France from Groupe Carnivor for €56 mln.

The assets are located on a four-building logistics park at St. Martin de Crau, northwest of Marseille. 

Curzon Capital Partners III, a core-plus fund, will acquire buildings A and C on the park, comprising a total of 112,075 m2 of space, at a yield of 8.4%. Maisons du Monde has signed 12-year leases for both buildings.

'The St. Martin de Crau purchases sit squarely in our strategy of acquiring logistics assets as the dearth of new development in top locations offers attractive prospects for these properties,' said Cameron Spry, Head of Investments for Tristan Capital.

Building C was completed in the fourth quarter 2012, whilst building A was delivered in Q1 2013. 

Tristan’s Curzon Capital Partners III raised €420 mln from institutional investors in February last year. The French purchase follows the fund’s acquisition of two logistics centres in Hamburg and the Saarland in February for over €30 mln. 

Advisors involved in this transaction were Salans (legal), Racine (tax and corporate), Arcadis EC Harris (technical & environmental) and Etude 1798 (notaires).

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