December 16, 2021

Ivanhoé Cambridge strengthens its Hub & Flow logistics platform with the acquisition of a 92,000 m2 warehouse in Fos-sur-Mer, near Marseille

Paris, France, December 16, 2021 – Ivanhoé Cambridge announces the acquisition of a new logistics platform in Fos-sur-Mer, in the Bouches-du-Rhône region of France, from Faubourg Promotion (Groupe IDEC). Ideally located in the heart of an industrial zone, this asset of more than 92,000 m2 will benefit from a strategic location in the “European backbone,” at the crossroads of France, Spain and Italy. This brand-new logistics warehouse is being developed in three phases. The first two, totalling 68,600 m2, have already been delivered and leased to the Adéo Group (Leroy Merlin), the world’s third-largest retailer of consumer goods for the home improvement and décor sectors. The third phase, with a surface area of 23,648 m2, will be delivered by mid-2023.

At the junction of three French regions with strong demographic growth, the asset is located close to numerous national and regional roads, making it easy to reach the main economic, industrial and transport hubs, in particular Marseille, located 50 kilometres away. In addition to immediate access to the port of Marseille – Fos, France’s second-largest port, the location of this warehouse features access to a substantial, high-quality employment pool, while enabling the activities located there to reach 12 million consumers within five hours by road.

This transaction is in line with Ivanhoé Cambridge’s logistics strategy in Continental Europe. In February 2020, the company acquired Hub & Flow, a portfolio of logistics assets in the main hubs of Paris and Lyon, which was completed in November 2020 with a 36,000 m2 logistics platform in Roye (Hauts-de-France) and, in July 2021, with a 49,000 m2 warehouse in Mer, southwest of Orléans. The addition of this new asset brings the Hub & Flow portfolio to 20 assets for a total of 600,000 m2. Thanks to the signing of two new tenants at the Saint-Quentin-Fallavier site, the Hub & Flow portfolio has now a 94% occupancy rate.

This latest-generation Fos-sur-Mer platform (Class A) will feature high environmental standards (BREEAM Very Good) and 46,000 m2 photovoltaic roofs. The solar energy generated will be redistributed to the regional network. The Panhard Group, which is already managing the Hub & Flow portfolio, will continue its work on this new warehouse.

“This acquisition strengthens our Hub & Flow logistics portfolio and rebalances our geographical coverage in the south of the European backbone, enabling us to cover the Marseille – Aix area and population. It also demonstrates Ivanhoé Cambridge’s ability to adapt developers’ needs by promoting or co-promoting developments, participating in VEFAs or, in this case, forward sales for Fos-sur-Mer,” says Arnaud Malbos, Head of Investments, Europe, Ivanhoé Cambridge.

Ivanhoé Cambridge was advised in this transaction by Allez & Associés, Gid e Loyrette Nouel, Lacourte Raquin Tatar, Panhard, Etyo, and BNP Paribas Real Estate. The transaction was completed by Capital Return Opportunity.

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