Bowery Europe and Grosvenor acquire urban logistics asset in France

Bowery Europe, in a joint venture with Grosvenor Diversified Property Investments, has acquired a 7,000 m2 urban logistics property in Marseille. 

Urban logistics - Marseille

This off-market deal, the first in France for the JV, involves two modern buildings constructed in 2017, fully leased to a major pharmaceutical distribution company for last-mile deliveries. 
The asset is strategically located with excellent access to the A50. The joint venture aims to invest approximately €50 mln in equity to build a portfolio of urban logistics assets in key French and German cities. Bowery will manage the asset, focusing on ESG improvements with the tenant. 
The acquisition was financed by Socfim, with CBRE as the debt advisor; the purchase price was not disclosed. 
Jean-Marie Caillon, chief executive of Bowery Europe, said: “This acquisition reflects our conviction in our last-mile urban logistics strategy and the value of active, tenant-aligned asset management. In Marseille, we have an asset that is operationally well configured and well placed to benefit from targeted ESG investment that will increase resilience and long-term performance in the context of an occupier with sophisticated demands.”
Andy Yates, CIO, Grosvenor Diversified Property Investments, added: “This acquisition represents Grosvenor Diversified Property Investment’s (GDPI) first investment in France through our joint venture with Bowery Europe and reflects our approach of backing specialist local partners who share our values and have a deep understanding of their markets. We look forward to working together to build a high-quality, resilient portfolio across France and Germany.”
JLL advised on the deal.