Gazeley has this week agreed the sale of a stabilised investment let with Recall France SA to ING Real Estate. The 24,000 sq m development in Canly, France, which is part of a Joint Venture between Gazeley and CalEast Global Logistics, has been purchased by ING’s European Industrial Fund (ING REEIF) in a deal worth €17,650,000.

In line with the Gazeley’s long-term business strategy for the development and sale of its sustainable logistics space to quality investors, this is the third building within the company’s European portfolio to be sold to ING Real Estate within the last six months. Earlier this year two warehouses at Magna Park Arras and Magna Park Vatry were also acquired by ING. In today’s market climate, this announcement highlights the prime investment opportunity offered by Gazeley’s products as the company continues to attract investors.

The entire site at Canly is currently leased to archiving specialist, Recall France SA, on a 12-year secure lease agreement. Located in a prime strategic location, near to the A1 and RN31 motorways (to Amiens and Compiègne) and less than 45 miles north of Paris, the logistics development boasts the latest generation warehouse facilities built to the highest technical standards and delivering cutting-edge sustainable technologies.

Peter Gomersall, Gazeley’s Chief Investment Officer, comments, “Despite current market conditions, our premium product has continued to attract interest from leading investors and funds. Gazeley is renowned for providing customers and investors with the very best in quality, sustainable logistics space solutions, which is key to our lasting business success. We are confident that there is still plenty of opportunity with other investors in the market and we are already in negotiations for the sale of a further three Gazeley warehouses in Europe. This strong pipeline of future deals will continue to underpin our robust record of success with top investors in the market.”

Gazeley was advised Jones Lang La Salle in the deal.