International Industrial Properties (IIProp), a growing logistics platform focused on investing in industrial and logistics assets in key European markets, owned by Madison International Realty and Griffin Capital Partners, has launched the construction of a new light industrial project in the municipality of Moissy-Cramayel, located to the south of Paris, in the land-constrained Seine-et-Marne region.
IIProp has commenced development of a new light industrial park spanning 12,000 sqm. The property sits in the heart of a major light industrial hub, ca. 32 km from the Paris city center and benefits from exceptional connectivity thanks to location adjacent to a motorway, rail infrastructure, public transportation, and its close proximity to Paris-Orly Airport – 2nd largest airport in France. The facility is expected to receive an "Excellent" BREEAM certification and has set a goal to achieve carbon neutrality by 2025.
Maciej Dyjas, Co-owner and Managing Partner at Griffin Capital Partner, says: "As we sought to broaden our logistics operations with a new platform targeting the European markets, our strategy was precisely centered on such transactions and investment opportunities. These are premium projects offering prime location with strong growth potential. Our recent investment in France signifies yet another achievement in our collaboration with Madison. We express our gratitude to all teams currently engaged in this project and look forward to further successes in the forthcoming phases."
Nebil Șenman, Co-owner and Managing Partner at Griffin Capital Partners, adds: "It's exciting to highlight our latest achievement in the European warehouse sector. Despite challenging macroeconomic conditions, the logistics industry remains attractive to investors, with nearly 20.7m sqm of space under development as of the end of Q2 20231. We're confident that the European market remains open to strategically placed, high-quality assets."
Maximilian Sauermann, Vice President, Investments at Madison International Realty, comments: “We believe IIProp’s decision to develop a sustainable industrial facility in this vital region of France is a testament to the firm’s commitment to identify and invest in Europe’s expanding logistics industry. By focusing on strategically sound property projects in key European locations, the partnership is once again providing compelling opportunities for investors to participate in an expanding market.”
The project, which started in September this year, is set to be completed in Q4 of 2024. AXESS, a company that specializes in developing world-class sustainable solutions, has taken the role of general contractor for the investment. Meanwhile, Panattoni, the world's leading developer of industrial real estate, acts as the developer.
IIProp is actively expanding its presence in the European logistics market, while also actively managing its portfolio with successful disposals after development and lease-up of its properties. This year alone, the company sold two logistics assets in Germany: a fully-let property with a total area of approximately 14,000 sqm of GLA in Neuenburg am Rhein, and a single-let logistics property with 10,600 sqm of GLA in Bensheim. IIProp also recently closed a transaction in Murcia, Spain, selling a BTS asset with a total GLA of 46,600 sqm The platform continually seeks new investment opportunities, implementing strategies adopted by the company's owners: Madison International Realty and Griffin Capital Partners.