The portfolio of seven properties totals around 300,000 square metres. It was acquired by real estate funds managed by Blackstone.
All of the properties are located around Paris and Lyon, the largest being the 142,313-square metre Paris-Oise Logistics Park, in Longueil Sainte Marie just outside of Paris.
TEP V assembled the portfolio between December 2012 and September 2015, and has implemented re-tenanting, increased occupancy levels and extended lease durations.
Paul Hampton, partner at Rockspring and fund director of its TEP series of funds, commented: “While the logistics sector in France remains an important part of our European real estate strategy, and indeed we continue to asset manage a significant portfolio from our Paris office, this transaction was timely and provided a compelling opportunity to realise value.”
“Significant credit must go to both our London and Paris teams, who assembled this portfolio entirely off-market and have carried out some impressive ‘manage to core’ strategies.”
Kevin Muscat, European director at Rockspring, added: “The successful closure of what was a relatively complex corporate transaction in such a short space of time was facilitated by working with such a reliable and professional counterparty in Blackstone.”
TEP V is the fifth fund in Rockspring’s TransEuropean series. To date, it has invested around €690 million in the UK, France, Switzerland, Germany, Sweden and the Netherlands.
In July 2016, Rockspring completed the final close of its TEP VI fund.