Euro Distribution Fund Buys Two More Sites in France

LYON,FRANCE-The C€LOGIX Property Fund, set up by Aberdeen property Investors to acquire strategically located distribution property across Europe, has made two more investments in France, to add to the three it already has there. The new properties are in Lyon and in St Fargeau – Ponthierry, south of Paris.

In Lyon, Celogox has paid €10.9 million ($10.9 million) for a 240,000-sf distribution centre on La Plaine de l’Ain logistics park, close to the A42 Lyon – Geneva autoroute. The building is let on a long-term lease to Hayward Pool Europe.

And in St. Fargeau – Ponthierry, south of Paris, the fund has paid €15 million ($15 million) for a 257,000-sf unit on the Z.A.C. de l’Europe logistics park. The property was completed in July 2001 and is let to the Mory Team.

The deals mean that the Celogix fund–which is currently investing on behalf of ten Dutch institutional investors–is likely to reach its €200 million ($200 million) investment ceiling by the end of 2002. The fund manager, Aberdeen Property Investors, now plans to open up the fund to new investors, with the aim of growing the fund to €400 – €500 million ($400 – $500 million) by the end of 2003.