M&G Real Estate announced it has completed two logistics acquisitions in France totaling €86 million on behalf of its €5.2 billion M&G European Property Fund. The properties are leased to leading French food retailers Groupe Intermarché and Biocoop on long-term agreements.
The acquisitions comprise a fully refurbished cold-storage facility in Montsoult, north of Paris, priced at €38.50 million, and a modern food distribution warehouse in Noves, near Avignon, priced at €47.50 million. The Montsoult property is a temperature-controlled facility undergoing a BREEAM Excellent refurbishment expected to complete in October 2026, pre-let to ITM Logistique Alimentaire, the logistics branch of Groupe Intermarché, on a 10-year fixed lease to supply more than 2,000 stores across Paris and northern France. The Noves property is a Grade A logistics platform leased to Biocoop on a 12-year firm lease, serving as one of the retailer’s four national logistics hubs supporting distribution to more than 750 stores nationwide, and holds HQE Excellent and BREEAM In Use Very Good certifications.
The M&G European Property Fund, with a nearly 20-year track record, has completed or agreed more than €1.6 billion of acquisitions over the past nine months, including more than €500 million in logistics, bringing logistics assets within the portfolio to €1.3 billion. M&G’s French real estate portfolio now totals €1.5 billion.
KEY QUOTES:
“Assets supporting the distribution of essential food products benefit from steady demand, strong tenant retention and strong rental growth perspectives, which all perfectly match our long term core strategy. Beyond their investment fundamentals, these facilities play a major role in France’s food supply chain, enabling the efficient delivery of everyday goods to consumers across the country.”
Antonin Prade, Investment Director France, M&G Real Estate
“We continue to focus on assets that combine strong investment fundamentals with an important role in the real economy. Food logistics remains one of the most resilient segments of the market, benefiting from enduring consumer demand, limited supply of modern facilities and high barriers to entry.”
Simon Ellis, Fund Manager, M&G European Property Fund
