HMC and DeA Capital Real Estate acquire seven business parks in France

Harbert Management Corporation (HMC) and DeA Capital Real Estate have formed a joint venture to acquire a portfolio of seven new business parks in France, totalling approximately 73,000 m2. 

Croissy 1

The acquisition was completed by HMC's European Real Estate platform (HERE).
The acquired properties are forward-funded new builds located in various French cities, including Croissy-Beaubourg, Mondeville, Petit-Couronne, Ludres, Chasseneuil, Marck, and Le Mans. The acquisition was financed by a banking pool, though specific financial details were not disclosed.
Developer Axtom sold the sites, and its subsidiary Axdev is scheduled to deliver the assets between late 2026 and early 2027. Four general contractors—GSE, Kleidi, Lockroy, and Axess—have been appointed for the construction.
The properties are being developed with flexible unit designs, incorporating advanced ESG criteria and high energy efficiency, aiming for BREEAM Excellent and Very Good ratings. All suitable roof surfaces will be equipped with solar panels, generating a total of 5 MWp. 
Florent Danset, senior managing director and co-head of European Real Estate at Harbert Management Corporation, said: “Multi-let industrial, including modern business parks such as the assets acquired in this transaction, remains one of our highest-conviction sectors in France and across Europe. We have seen a clear pick-up in leasing activity in recent months, with occupiers continuing to prioritise high-quality, sustainable space. Even during periods of softer occupational demand, modern and flexible units close to dense urban areas have shown strong resilience. With new supply constrained, the demand-supply balance remains supportive.”
Eric Desautel, principal and head of France at Harbert Management Corporation, added: “This investment reflects one of our highest conviction sectors. Well-located light industrial and business park assets sit at the intersection of logistics and light manufacturing, benefiting from near-shoring dynamics, evolving supply-chain needs, and last-mile requirements. In an environment where new development is becoming more complex and constrained, high-quality, sustainable assets that meet evolving regulatory standards are increasingly valued by both tenants and long-term investors.”
Pierre Julin and Emanuele Dubini, managing director and global CIO respectively at DeA Capital Real Estate, stated: “The French business parks market currently offers a particularly attractive entry point for international investors with a long-term vision. In an environment characterised by capital selectivity, this asset class combines income visibility, market depth, and performance potential - especially for recent, well-located assets aligned with ESG standards.”
Clément Van Tornhout, co-founding partner of Axtom, commented: “This transaction highlights Axtom’s ability to originate and execute high-quality real estate projects for leading investors. It also illustrates the strength of Axtom’s model, built around entrepreneurs deeply embedded in local markets, with a strong understanding of regional dynamics and the ability to develop assets aligned with local economic needs and constraints.”
HMC's European real estate platform has managed over 1 million m2 of multi-let industrial assets worth over €1.8 bn across key European markets.
HMC and DeA Capital Real Estate were advised by Lasaygues, DLA, Enoma, and Etyo.