Pan-European real estate investment manager AEW Europe has sealed the largest logistics investment transaction in France this year with the sale to Munich-based fund manager GLL Real Estate Partners of a portfolio of eight assets for EUR 177 mln.

AEW acted on behalf of the Curzon Capital Partners II Fund (CCPII) while GLL acquired the portfolio on behalf of one of its fund accounts.

'Values in the French logistics sector have rebounded strongly since the credit crisis and we believe this is a very opportune time to sell some exceptional assets, both in terms of quality and location, and to lock-in robust returns for our investors,' said Merrick Marshall, head of Asset Management for AEW Europe in London.

The portfolio comprises 280,000 m2 of Class A buildings in six locations across France, all developed between 2005 and 2010. CCPII acquired the assets with a value-add strategy focused on increasing occupancy and creating a high-quality core logistics portfolio.

GLL's Chief Investment Officer, Barry McGowan, said: 'This deal was another important step in furthering our global logistics strategy. We’ve now completed four transactions in four EU countries and look forward to continuing this strategic initiative in the North and South American markets.'

Salans acted as legal advisors to CCPII and Gide acted on behalf of GLL. CBRE acted as exclusive advisors to CCPII on the transaction, and Jones Lang LaSalle provided buy-side advice to GLL.