Bowery-Grosvenor Joint Venture Completes First Industrial Real Estate Acquisition in Marseille

Bowery Europe and Grosvenor have completed their first French real estate acquisition through a joint venture focused on urban logistics assets. The partnership acquired a 7,000-square-meter (approximately 75,350-square-foot) industrial property in Marseille, marking the initial investment in a strategy targeting major cities across France and Germany.

The off-market transaction involves a two-building asset located on Boulevard de la Valbarelle in Marseille. The property, completed in 2017, comprises two modern, single-storey buildings configured for temperature-sensitive pharmaceutical distribution. The asset is fully leased to a pharmaceutical distribution company that uses the facility for last-mile deliveries to hospitals, pharmacies, and healthcare providers in Marseille and the surrounding region.

Commercial Real Estate Financing and Transaction Structure

Socfim provided commercial real estate financing for the acquisition, with CBRE serving as debt adviser. JLL introduced the opportunity off-market to the joint venture. The purchase price was not disclosed.

The Bowery-Grosvenor partnership intends to deploy approximately €50 million of equity into the urban logistics sector across France and Germany. The joint venture represents Grosvenor Diversified Property Investments' first investment in France through this partnership structure.

Asset Management Strategy for Industrial Real Estate

Bowery Europe will lead asset management for the property, working with the tenant on capital expenditure programs focused on ESG improvements aimed at reducing operational energy use. The property is characterized as a grade A+ infill location with immediate access to the A50.

"This acquisition reflects our conviction in our last-mile urban logistics strategy and the value of active, tenant-aligned asset management," said Jean-Marie Caillon, Chief Executive of Bowery Europe. "In Marseille we have an asset that is operationally well configured and well placed to benefit from targeted ESG investment that will increase resilience and long-term performance in the context of an occupier with sophisticated demands."

Partnership Structure and Market Approach

The joint venture combines Bowery Europe's pan-European logistics investment and asset management capabilities with Grosvenor's institutional capital. Bowery focuses on sourcing and executing urban logistics transactions while delivering leasing, capital expenditure, and energy efficiency programs.

"This acquisition represents Grosvenor Diversified Property Investment's first investment in France through our joint venture with Bowery Europe and reflects our approach of backing specialist local partners who share our values and have a deep understanding of their markets," said Andy Yates, Chief Investment Officer at Grosvenor Diversified Property Investments. "Bowery's focus on operational excellence and ESG-led asset management aligns with our investment philosophy."

Sources

Grosvenor