WDP has completed the acquisition of a fully let prime logistics site from AG Real Estate France, located within the Port of Le Havre, France’s main container terminal and a key logistics hub in Northern Europe.
The acquisition comprises two Grade A logistics buildings delivered in December 2021, offering approximately 65,000 m² of lettable area, as well as a 40,000 m² container yard with a storage capacity of 1,200 containers, on a 17-hectare plot of land. The BREEAM-certified buildings are fully leased to Seafrigo, a leading international logistics operator specialized in temperature-controlled transport and storage, under a fixed lease agreement until the end of 2033.
The total investment amounts to approximately €58 million and generates a 6.0% NOI yield. Located directly opposite the container terminal of Le Havre, with direct dock and railway access, the site benefits from one of France’s most important multimodal connections, offering access by sea, inland waterways, rail, and road. Positioned along the French logistics corridor “La Dorsale”,” connecting Le Havre with the Paris region, the site provides access to a consumer catchment of approximately 25 million inhabitants within 24 hours, reinforcing its role as a key gateway between global trade flows and domestic distribution.
With demand concentrated along strategic logistics corridors and constrained supply in core regions, port-oriented markets such as Normandy continue to show low vacancy, supporting the resilience of well-located logistics assets and WDP’s long-term value creation strategy.
“This core, income-generating, acquisition further strengthens WDP’s growing French platform in selected logistics corridors and deepens our client network. Seafrigo’s long-standing presence in Le Havre and continued expansion underline the strategic relevance of the site within international supply chains.” François Le Levier, Country Manager WDP France
“We supported Seafrigo with a turnkey construction project during the Covid pandemic in 2020 and are pleased to complete a sale that creates value, aligning with the long-term strategy of a recognized investor. This demonstrates the resilience of the logistics market in France and illustrates the ability of the AG Real Estate France team to optimize the performance of its managed portfolio.” Thibault Delamain, General Manager and Head of Investment & Asset Management, AG Real Estate France
The transaction was carried out with the support of Virginie Blanc (GMH Notaires), acting as the notary for AG Real Estate France, and Julien Cahen (ATTAL Notaires), acting as the notary for WDP. The sale was facilitated by JLL, with the participation of BNPPRE, who acted as advisors to the parties and contributed to the successful completion of the transaction.
Photo credit: Jad Sylla
