HERE and Aire Capital Partners forward fund Paris business park

Harbert European Real Estate (HERE), the European investment arm of Harbert Management Corporation, and French real estate manager Aire Capital Partners are forward-funding a new business park in France.

Limeil

The development in Limeil-Brévannes is located in the southeast of the Paris region.

Financial details of the acquisition from Avenir Développement, structured as a Property Development Agreement (CPI) with Gefec, were not disclosed.

Construction is underway, with completion anticipated in Q3 2027, and the project is already attracting significant tenant interest.

Upon completion, the 8,700 m2 development will feature eight multi-let buildings, designed for light industrial and office use, divisible into 15 units starting from 428 m2.

The park benefits from a strategic location adjacent to the new "Limeil-Brévannes" C1 cable car station (operational since December 2025), offering direct connectivity to central Paris via Metro Line 8. It also boasts excellent road accessibility with quick access to the A86 motorway and Paris Orly Airport.

The properties are being developed with advanced sustainability features, including rooftop photovoltaic panels and a target of BREEAM Excellent certification.

BNP Paribas, Screeb, DLA Piper and Apollo advised on the transaction, while Etyo was selected as project manager.

This acquisition further expands HERE's growing French business park portfolio, which now totals over 120,000 m2 of high-quality light industrial and ancillary office space. This follows HERE's January acquisition of an initial 73,000 m2 French business park portfolio in a joint venture with DeA Capital Real Estate. To date, HERE has managed more than 1 million m2 of multi-let industrial assets across core European markets, with a combined gross asset value exceeding €1.8 bn. Recently, HERE also completed the largest convenience retail portfolio transaction in the Netherlands in six years through two concurrent sales.

Eric Desautel, principal & head of France at Harbert Management Corporation, said: “This investment reflects one of our highest-conviction themes and our ambition to continue funding the delivery of high-quality new-build assets in prime locations. In an environment where new development is becoming increasingly complex and constrained, sustainable assets aligned with evolving regulatory standards are becoming ever more valued by both occupiers and long-term investors.”

Lionel Lacroix, managing partner at Aire Capital Partners, added: “This business park is a strong example of the forward-looking and attractive market opportunities we seek to identify alongside our partners. We are delighted to continue contributing our expertise and know-how alongside HMC in the creation and enhancement of modern business parks. This acquisition is the result of a long-standing collaborative effort with the teams at Gefec and HMC.”