The Company bought a 22,000 m² logistic development in St Rambert, Lyon through Cardinal Investissement at a yield of 7.6 per cent. The building will be completed in December and a second acquisition is due to be announced shortly as part of a programme to build Fidelity’s pan-European portfolio. Cap Performance and Orrick acted as advisers to the deal.
Fidelity International director of European real estate Keith Sutton says: “We selected the investment at St Rambert because we believe that the area around Chanas and St Rambert will become a logical and sought after extension of the Lyon logistics market – new planning consents at L’Isle d’Abeau and close to Lyon airport are now very difficult to obtain. We also have a strong local development partner in Cardinal Investissement, who have a reputation for high-quality product and will be actively involved in the letting of the building.”