Valor Real Estate Partners has secured a €130 million (c. £114m) loan from funds and accounts managed by KKR, a global investment firm, to refinance a portfolio of 12 assets located across Paris and Lyon.
The portfolio, which is held within Valor’s joint venture with RSF, a Dallas-based real estate private equity firm, spans 76,000m² (c. 818,000ft²) in total and includes standalone urban warehouses and small urban estates.
Approximately 75% are located in and around Paris, with the remainder located in Lyon, two of France’s most dynamic and urban logistics markets, with strong leasing activity and constrained new supply.
The portfolio is 98% occupied with an average lease term exceeding seven years.
The tenant base comprises a diversified mix of e-commerce operators, third-party logistics providers, parcel delivery firms, and light industrial occupiers.
The properties were acquired off-market between 2019 and 2021, and Valor has subsequently delivered refurbishment and redevelopment programme to meet the growing demand for high-quality, last-mile distribution facilities.
Features include high-efficiency LED lighting with PIR and occupancy sensors, modern heating systems, thermally efficient cladding, roof mounted solar PV panels and EV charging stations.
The transaction marks the latest in a series of senior financings that Valor has closed to support the expansion of its pan-European urban logistics platform.
Since the start of 2021 it has completed 20 new loan facilities, a mix of development and investment, with 15 partners, totalling more than €1.8bn (c. £1.58bn)
KKR head of European real estate credit, Ali Imraan, said: “We are thrilled to partner with Valor Real Estate Partners, a highly regarded platform across Western Europe, and to finance this top calibre portfolio that aligns strongly with our core thematic focus on prime logistics markets in Western Europe.
“This transaction showcases the strategic scaling of our European lending platform and lender relationships over the past couple years.”
