26 July 2011
Cordea Savills buys in Trappes
Cordea Savills, the international property fund manager, has completed the purchase of a logistics warehouse in Trappes, 30 km west of Paris for EUR 20.7 million* on behalf of the European Commercial Fund from Invista European Real Estate Trust.
The asset is fully let to two tenants, Nature & Decouvertes and Veolog, on leases signed at the beginning of 2011, for 9 and 6 year terms respectively and was acquired for a net initial yield of 7.3%**.
Thomas Guetle, Director of Institutional Business commented, “The high yield of this logistics asset provides investors with a strong income distribution and the location of the property underpins its capital value.”
Cordea Savills was advised by Clifford Chance and Maître Jean-Francois le Falher. Invista was advised by Etude Lasaygues and CBRE acted as agent.
The European Commercial Fund offers institutional investors low risk investment in commercial property in the largest economies in the EU. Target markets are France, UK, Nordics, Benelux, Italy and Germany. The Fund has an income focus and targets stable annual distributions of at least 5% and a net total return of at least 7% p.a., after fees and taxes.
* “Hors taxe” transfer tax excluded
** French definition: gross rent on purchase price including transfer tax
Notes for editors
- Cordea Savills is an international property fund manager with offices in London, Milan, Munich, Stockholm, Luxembourg, Paris and Singapore
- As at 31 March 2011, Cordea Savills managed EUR 3.4 billion of assets
- Cordea Savills is the brand name for entities in the Cordea Savills group, including Cordea Savills LLP, Cordea Savills Investment Management Limited, Mayflower Management Company Limited; Cordea Savills Fund Managers (Luxembourg) S.à r.l., Cordea Savills Fund Managers (Jersey) Limited, Cordea Savills Advisors Srl, Cordea Savills SGR SpA and Cordea Savills GmbH
- Cordea Savills LLP is a limited liability partnership registered in England No: OC306423