GAZELEY PRE-LETS 42,500 SQ M WAREHOUSE IN SAINT-MARTIN-DE-CRAU
22nd October 2019
Paris, 22nd October 2019 – Gazeley, a GLP company and leading investor and developer of logistics warehouses and distribution parks, today announces the letting of a 42,500 SQ M warehouse in Saint-Martin-de-Crau, near Marseille.
The warehouse, which is currently under development, has been fully leased to a French cooperative society and hypermarket chain nine months prior to its expected completion date of April 2020. This is the first time that Gazeley has worked with this customer.
This development is one of three logistics assets in Saint-Martin-de-Crau that Gazeley acquired in September 2018. The other two warehouses comprise 20,000 SQ M of space each and are currently leased to international logistics service provider and port operator Katoen Natie.
The warehouse is located less than one hour from Marseille, France’s third largest logistics hub. It benefits from its positioning between the A54 and A7 motorways offering easy and convenient access to both the city and port areas.
Vincent Gourlin, Development Director, Gazeley said: “This development illustrates our growth ambitions in France as we progress with our extensive development programme. The building was leased just after construction began and will be occupied by a leading hypermarket chain. This is testament to the current high demand for logistics buildings in France and our customer centric approach to development.”
Gazeley is a leading developer, investor and manager of European logistics warehouses and distribution parks with a 1.7 million SQ M portfolio concentrated in the strategic logistics markets of the UK, Germany, France, Spain, Italy and the Netherlands. In addition to its operating portfolio, which is 98% leased to blue chip customers such as Amazon, UPS and Volkswagen, Gazeley has a prime land bank which allows for the development of an additional 1.5 million square meters. Gazeley is GLP’s Europe platform.
GLP is a leading global investment manager specializing in real estate, logistics and related technology investments, with US$66 billion of assets under management in real estate and private equity funds around the world. In 2019, GLP was recognised by Private Equity Real Estate (PERE) as Global Firm of the Year and Logistics Investor of the Year.