Chambers Street Properties (NYSE:CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, has acquired an 80% ownership interest in a newly developed 966,169 square foot (89,760 square meter) warehouse/distribution property located in Lille, France. This is Chambers Street’s first acquisition in France. The property was acquired as part of Chambers Street’s existing joint venture with Goodman Group that was formed to acquire stabilized, newly developed warehouse/distribution buildings in Europe. Chambers Street’s pro rata acquisition cost for this property totaled approximately $49.5 million.
“This is an extremely attractive acquisition situated in one of the premier corridors of the French logistics sector,” said Jack A. Cuneo, President and CEO, Chambers Street. “Goodman Group is a diligent and experienced developer building to the highest standards and we are pleased to continue our relationship with them on this property,” he added.
The build-to-suit warehouse is part of a 114-acre development within the Lauwin-Planque Business Park in the Nord Pas de Calais region, one of continental Europe’s largest and most important logistics and economic hubs. The property, completed in October 2013, is fully leased to the European operating subsidiary of one of the world’s largest internet retailers on a long-term, triple-net basis.
“This property represents yet another example of our ability to grow our platform and increase our cash flows,” said Philip L. Kianka, Executive Vice President and Chief Operating Officer, Chambers Street. “We continue to monitor other prospective projects that we believe will be excellent additions to our portfolio.”
Additionally, Chambers Street recently sold its Afton Ridge Shopping Center in Charlotte, N.C. that was acquired in a joint venture with Childress Klein in 2008. The property was sold for an undisclosed amount on December 11, 2013.
About Chambers Street Properties (NYSE: CSG)
Chambers Street Properties is a net lease real estate investment trust that focuses on acquiring, owning and operating modern, high-quality industrial and office properties leased to a diversified mix of creditworthy tenants across a range of industries.