PRINCETON, NJ-Locally-based Chambers Street Properties has made its first industrial acquisition in France, purchasing a new 966,000-square-foot warehouse for $49.5 million in a continuing joint venture push into Europe with Goodman Group.
Last week, Chambers Street acquired two warehouse/distribution properties in Germany.
The REIT's joint venture with Goodman is set up specifically to build a portfolio of European Class A warehouse and distribution buildings.
The company acquired an 80% interest in the newly-built warehousse and distribution property located in Lille, France. The property was built-to-suit for a major internet retailer and is triple-net-leased on a long-term basis, according to Chambers Street.
It is situated within a 114-acre development in Lille, one of the European continent's key logistics hubs.
The properties in Bremen and Frankfurt, Germany, acquired last week total 763,000 square feet. Both properties are located in primary logistics regions. Hansalinie Distribution Center, a 320,463 square foot facility is located within the port district at Bremen and is 100% leased to Lear Corporation. Logistikzentrum Bodenheim is a 442,278 square foot multi-tenanted facility located 15 miles from Frankfurt International Airport. It is 100% leased to Geodis and Poco-Domäne.
Chambers Street president and CEO Jack A. Cuneo said the company is looking to acquire only “high-quality industrial properties in dynamic logistics markets in Europe.”
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