Encore+, a fund jointly managed by Aviva Investors and LaSalle Investment Management, has partnered JMG to develop two logistics sites in France.
Encore+ has signed an agreement with French developer JMG to develop a logistics platform in the Isle D鈥橝beau and another in the S茅nart logistics hubs.
The pan-European open-ended core plus fund said it has already acquired the Isle d鈥橝beau land on which a 21,250msq facility will be built. Construction is underway for an expected delivery in mid-2018.
It also said a development contract has been signed on the second scheme in Tigery and construction will begin in the second part of 2018.
Jeffrey King, the fund manager for Encore+ at Aviva Investors, said: 鈥淲e see these deals as great opportunities to access well-located logistics sites in France, which is a core focus for Encore+.
鈥淭hese sites offer strong real estate fundamentals with solid take-up, low vacancy rates and scarcity of quality supply and will also improve the income and property diversification of our portfolio as we continue to grow the fund.鈥�
David Ironside, the chief investment officer and investment manager for Encore+ at LaSalle Investment Management, said: 鈥淭he sites have strong fundamentals and a measured leasing risk to the Fund, and as such provide good portfolio diversification through a build-to-core strategy.鈥�
