Savills Investment Management acquires light industrial development in Greater Paris for flagship European urban industrial and Logistics Fund
16th December 2024
Savills Investment Management (Savills IM), the international real estate investment manager, has announced the speculative forward funding of a multi-let light industrial estate in La Queue-en-Brie, Greater Paris. The acquisition, completed on behalf of the European Urban Logistics and Industrial Fund (EULIF), is part of Savills IM’s strategy to invest in sustainable, modern industrial assets in the urban conurbations across Europe where rental growth will be strongest.
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The 19,451 sqm development, on a site of approx. 44,000 sqm, is being developed by Stonehedge, a French light industrial and logistics developer and is expected to complete in Q4 2025. The development, located in close proximity to La Francilienne (Paris’s third ring-road), will feature four buildings divisible into up to 22 units, ranging from 370 sqm to 1,800 sqm. These units are designed to be divisible, offering maximum leasing flexibility and broad usability for third-party occupiers.
The development is targeting a BREEAM New Construction ‘Excellent’ certification and the ‘Biodivercity' label, reflecting its strong sustainability credentials. Features include rooftop photovoltaic panels, motion and light sensor LED lighting and fossil-fuel free heating throughout, as well as electric vehicle charging points, aligning with EULIF’s commitment to sustainable investment and long-term value creation.
Evert Castelein, Head of Industrial & Logistics, Savills Investment Management, commented:
“This forward funding project exemplifies EULIF’s strategy of acquiring and developing high-quality, sustainable industrial and logistics assets in urban areas across Europe. With Greater Paris serving as a critical hub for logistics and light industrial demand, this development offers both strategic location benefits and the flexibility to attract a diverse tenant base. The scheme’s strong ESG credentials also resonate with our investors' growing focus on sustainability and resilience in real estate portfolios.”
Laurent Vouin, Head of France and BeLux, Savills Investment Management, added:
“This second transaction in 2024 for EULIF in France demonstrates our strong presence in the French market and our ability to diversify our deal sourcing. We are currently in exclusivity for another logistic acquisition close to Paris and we are also actively looking at opportunities in the prime office segment in Paris and Brussels.”
Christophe Foulon, Stonehedge chairman, added:
« STONEHEDGE Teams are pleased with this transaction which confirms our position as a new generation light industrial parks developer in Paris suburbs. This project highlights our ability to design virtuous programs, including the planting of over 1,000 trees, which will reduce in situ carbon emissions by 25 tons per year, as well as the installation of a 2 MWc roof-top photovoltaic plant by our subsidiary, STONEHEDGE ENR. The power generated annually by this installation will be 2 times higher than the building's annual consumption. »
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High ESG standards targeting BREEAM New Construction 'Excellent' certification