Edmond de Rothschild Corporate Finance advises several families on the disposal of a multi-temperature XXL logistics platform (100,000 m²) located in Salon-de-Provence, France, to Prudential Insurance Company via its asset management subsidiary PGIM.
PGIM Real Estate has acquired a “class A” logistics platform located in Salon-de-Provence, 60 km north of Marseille, from several families. This acquisition was made on behalf of the Prudential Insurance Company of America. PGIM Real Estate is the specialised asset management arm of Prudential Financial.
The platform is ideally located on France’s north-south logistics backbone, in a developed area that is highly sought-after by retailers and logistics specialists. The asset is in close proximity to a motorway interchange providing full access to the Mediterranean arc and the Lyon-Marseille axis.
The platform is currently let to Carrefour with a remaining lease term of close to 8 years.
The platform is located on a 24-hectare site and was constructed as a turnkey project for Carrefour in 1995; it was extended in 2003 and 2017. It comprises two independent buildings. The first is for ambient storage, and the second for cold storage and freezer storage, which is highly sought after by retailers. The two buildings are compliant with the latest French “class A” platform requirements and enable cross-docking operations.
Advice to sellers in operation
Edmond de Rothschild Corporate Finance: M&A Advisory: Inès Reinmann-Toper (Managing Director), Jonathan Jacquin (Director), Aude-Amel Cheraitia (Analyst)