French REIT Argan has announced the acquisition of a 153,200 m² logistics site fully occupied by the Renault Group as part of a sale-and-leaseback transaction.
The property, the French carmarker's largest parts and accessories site in France, has been leased back to Renault under a 12 year term. Inaugurated in autumn 2006, the Villeroy site comprises a total of four logistics buildings of unit sizes ranging from 33,000 to 43,000 m2.
Jean-Claude Le Lan, chairman of the Supervisory Board of Argan, commented: 'This acquisition marks a major step in the development of Argan. Indeed, this site alone will represent 3.5% of the rents that will be received by our real estate company in 2023. This transaction, initiated before the deterioration of the economic situation in recent months, was able to be financed at relatively advantageous rates in view of what is practiced today.'
The transaction was brokered by CBRE.
Argan owns a logistics portfolio encompassing 3.3 million m2 in France with a value of €4 bn.