Logistics Fund Buys Massive Paris Distribution Centre

PARIS-CELOGIX, the specialist distribution property fund, has paid 29 million pounds ($26.4 million) for a 650,000-sf distribution centre, close to Charles de Gaulle airport in the north-east of Paris. The building is located close to the A 104 La Francilienne autoroute and has a long-term lease contract with TNT Logistique France, part of the TPG Group.

This is the fifth major purchase this year by the fund, managed by Aberdeen Celexa Property Investors on behalf of ten Dutch institutions. Earlier this year it bought two distribution centres in Tilburg and Venray, the Netherlands; one in Bedburg, between Dsseldorf and Cologne, Germany and another close to Paris – Charles de Gaulle Airport at Mitry-Compans.

The CELOGIX Property Fund invests in Belgium, France, Germany and the Netherlands, where it has identified 30 distribution hotspots as targets for investment. It aims to have a total fund value of 200 million pounds ($180 million) by 2004.