Manova Partners has sold a logistics property in Gonesse, Val-d’Oise department, within the Greater Paris metropolitan area, to an investment fund managed by Morgan Stanley Real Estate Investing (MSREI). The transaction was conducted as an off-market deal. The property in question spans approximately 13,000 square metres and is fully leased, with the lease agreement with the long-standing occupant having recently been extended.
The logistics property is situated at a significant transport hub within the region. Its location benefits from immediate proximity to Paris-Charles de Gaulle International Airport, as well as direct connections to the major regional transport arteries, the A1 and A3 motorways. These infrastructural conditions contribute to the attractiveness of the site.
Strategic Asset Management and Market Assessment
Manova Partners held the property for approximately ten years. During this holding period, an active asset management strategy was implemented. This was carried out under the leadership of Dimitri Maillard, Head of Asset Management Western and Southern Europe, and the lead Asset Manager, Tom Villate.
Julia de Bonnefon, Head of Transactions France, Belgium and Luxembourg at Manova Partners, commented on the transaction. She stated that well-located logistics properties with solid fundamentals and potential for rental growth continue to experience sustained investor demand. She further emphasised that the active management of the property over many years and the recent lease extension additionally strengthened the long-term income security of the asset.
Consulting Partners Involved
Several consulting firms were engaged for the transaction. The buyer was advised by JLL and Fire AM. Manova Partners received legal support from Osborne Clarke. Clifford Chance acted as legal counsel for the buyer. The notarial services for the transaction were provided by Wargny Katz.
