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$49.5M deal gets Chambers Street majority stake in massive French warehouse


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Princeton-based real estate investment trust Chambers Street Properties announced Thursday its acquisition of a 966,169-square-foot warehouse property in France for $49.5 million.

According to the announcement, the company has acquired an 80 percent ownership interest in a newly developed 966,169-square-foot warehouse and 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 and distribution buildings in Europe.

The pro rata acquisition cost for this property totaled about $49.5 million. The build-to-suit warehouse is part of a 114-acre development within 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, Chambers Street said in a statement.

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