SICORE Real Assets Buys 24,000-Sqm Logistics Asset Near Lyon in Astr’in Sale-Leaseback
SICORE Real Assets has acquired a roughly 24,000-square-meter logistics property in Saint-Vulbas, near Lyon, France, through a sale-leaseback transaction with logistics company Astr’in, the firm announced on Oct. 13, 2026. The fully leased asset is SICORE's third large logistics acquisition, following recent purchases of similarly sized properties near Valencia, Spain, and Frankfurt am Main, Germany. BNP Paribas Real Estate acted as intermediary on the transaction.
Sale-Leaseback Structure and Lease Commitment
Under the sale-and-leaseback structure, Astr’in is both the indirect seller of the property and its long-term, sole occupier. As part of the purchase agreement, Astr’in has committed to remain at the site for at least 12 years. The property is fully leased.
Property Details: Six-Section Warehouse Near Lyon
The asset consists of a single-story logistics hall divided into six sections, with nearly 23,500 square meters of space, plus a single-story annex of about 500 square meters containing office, social and technical areas. In total, the property covers approximately 24,000 square meters, or about 258,300 square feet. It also includes 39 car parking spaces and eight truck spaces.
The first three sections were completed in 2019, and three more sections were added in 2022. The property is classified in energy-efficiency class A. SICORE describes the asset as flexibly divisible.
The property is located in the Parc Industriel de la Plaine de l’Ain in Saint-Vulbas, 01150, France, about 30 minutes northeast of Lyon–Saint-Exupéry Airport. It sits at the intersection of the D20, D84 and D124 roads. Lyon is France's second-largest metropolitan area and one of the country's main logistics hubs. Astr’in describes the facility as a 24,000-square-meter next-generation logistics platform and classifies it as an Upper-Tier SEVESO site, meaning hazardous-materials regulatory standards apply to the operation.
Astr’in also operates elsewhere in the industrial park. A 2025 inspection report said the company ran five logistics warehouses there and was seeking to expand storage capacity from 150,000 cubic meters to 280,000 cubic meters.
SICORE Real Assets Expands Logistics Exposure
SICORE said the acquisition advances its growth strategy in the logistics segment. Logistics currently accounts for more than 14 percent of the managed real estate portfolio, and the company aims to increase that share further.
Dr. Nikolai A. Mader, Head of Investment Management Real Estate at SICORE Real Assets, said in the announcement: “Ein intermodal angebundenes Asset dieser Qualität in einem etablierten Logistikcluster kommt nicht allzu häufig auf den Markt. Wir freuen uns daher sehr, dass wir gemeinsam mit unserem Partner Astr’in eine nachhaltige Win-Win-Lösung erarbeiten konnten und damit gezielt unsere Präsenz am französischen Logistikmarkt verstärken können. Ich bedanke mich bei allen Beteiligten für die gute Zusammenarbeit.” The statement translates roughly as: an intermodally connected asset of this quality in an established logistics cluster does not come to market often, and the company is pleased to have worked out a sustainable win-win solution with Astr’in that strengthens its presence in the French logistics market.
French Logistics Market Context
The deal comes as France's logistics market has become more selective. Warehouse vacancy reached 6.5 percent in the first quarter of 2026, up from less than 5 percent in prior years, as new supply increased while take-up slowed. Logistics take-up totaled 330,000 square meters in the first quarter of 2026, the lowest first-quarter level in the past decade.
Logistics investment in France totaled €230 million in the quarter, down 65 percent year over year. Rolling 12-month investment was approximately 30 percent below the five-year average.
Against that backdrop, the Saint-Vulbas property combines full occupancy, a 12-year occupier commitment, construction completed between 2019 and 2022, and an energy class A rating. For Astr’in, the sale-leaseback allows the company to release capital from the property while keeping its operations at a key logistics location.
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