PropertyEU - April 23, 2010
US real estate investor WP Carey has mandated CB Richard Ellis and BNP Paribas to sell a portfolio of distribution centres across France, according to well-informed market sources. The portfolio, worth some EUR 130 mln, offers 360,000 m2 of logistics space mostly let to French hypermarket Carrefour. The properties are spread across nine locations in France, including the cities of Paris, Lille, Caen, Nancy, Le Mans, Agen, Bourges and Lyon.
"The company wants to capitalise on the expected recovery for the logistics sector," a person familiar with the situation said.
Eight of the nine assets were bought in 2002 in a EUR 104 mln sale-and-leaseback transaction with Carrefour. The facilities were purchased on behalf of Corporate Property Associates 14 Incorporated, a member of the WP Carey Group of publicly held non-traded real estate investment trusts (REITs).
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