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Updated: Aug 2, 2022

Acquired in July 2020 by an investment fund, managed by Credit Suisse Asset Management and advised by Belvedere Capital, the 28,000 sqm logistics warehouse in Montagnat (Lyon region) was delivered early September 2021.

This development project, which benefits from an extension capacity of 6,000 sqm, was fully pre-let under a 9 years firm lease (BEFA) signed with MABEO Industries, a subsidiary of the MARTIN BELAYSOUD Group (Expected 2021 Turnover: € 900m). MABEO Industries teams will move into the facility early 2022.

The platform enjoys the latest technical specifications as well as the best environmental certificates, such as BREEAM Very Good and Energy Star Rating. A solar panels plant will be installed and operated on the roof within the next few months.

“We are delighted to have taken delivery of our first logistics platform in France, entirely built during the Covid-19 pandemic. This asset fits with our funds sustainable development strategy and provides a solution to the future environmental challenges” states Joachim von Radecke, Head Acquisitions & Sales EMEA at Credit Suisse Asset Management.

Initiated before the outbreak of the pandemic, the acquisition of this platform, via a forward funding contract, had been finalized during the first confinement period of Spring 2020. This transaction illustrates the strategic position of Belvedere Capital in the logistics investment and asset management business, following the completion of its first acquisitions in the office sector. “We have a strong investment focus towards resilient assets or portfolios, let or vacant, with the best technical and environmental features, and located in strategic or underdeveloped sub-markets with large employment pools” add Bruno Cohen and Silvio Estienne, founding partners of Belvedere Capital.

This asset is the 3rd one acquired by a fund managed by Credit Suisse Asset Management with Belvedere Capital as exclusive investment advisor. Etyo has acted as technical advisor to the buyer during the construction phase and the delivery process, while Immaset acted as delegated project master for the seller.

It is also worth to note that Belvedere Capital logistics business is now run under the brand name of Alpha Logistics Real Estate, the 360° investment management platform, exclusively dedicated to the logistics sector, founded together with Arthur Loyd Asset Management in July 2021. Belvedere Capital / Alpha Logistics recently closed the acquisition of a XXL platform in the South of France, for which a press information will be shortly released.

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