(London) – Aviva Investors, Aviva Investors, the global asset management business, announces it has agreed to forward fund the development of a brand new logistics centre in north-west France, as it continues to build out its European real estate strategy.
The pre-let development is located in the Grand Ouest region of France and sits 20 kilometres south of Rennes within the newly-established submarket of Janzé, one of the main logistics corridors in France and home to a number of international food and agribusiness companies.
When complete, the new scheme will provide more than 30,000 sq m of grade A warehouse and office space. It has been designed to adhere to high technical standards, whilst also targeting a BREEAM ‘Excellent’ certification and EPC ‘A’ rating. It will make use of air source heat pumps for internal and water heating, whilst also including rooftop photovoltaic capacity, to support ongoing energy needs.
Developed by Primelog, it is expected to be completed at the end of 2025 and will be fully-let to the French industrial company Groupe Mutual Logistics/ENF on a long-term lease.
George Fraser-Harding, Head of Pan-European Funds, Real Estate, at Aviva Investors, said:
“We are pleased to complete this off-market transaction in the Grand Ouest region, which we think is one of the most dynamic logistics corridors in France. The European logistics sector remains a strategic focus for our continental Real Estate strategy, where we see long-term structural trends continuing to drive demand, whilst France continues to be a sought-after logistics market with strong fundamentals. The facility’s use of modern technology for ongoing energy needs should keep it relevant well into the future, whilst limitations on land development mean this scheme has the potential to provide a good long-term performance in the portfolio.”
Aviva Investors was advised by Ancora Capital Partner, Gide Loyrette Nouel, Allez & Associés, Novéo and Lacourte Raquin Tatar.
