Westcore Europe has purchased a 25,700 sq m industrial property on a 99,000 sq m site in the eastern suburb of Dijon in France, from owner-occupier Japy-Tech, a leading manufacturer in the dairy industry following a successful sale and leaseback transaction.
The 73,000 sq m site has a mix of industrial and ancillary office space. The property has been taken on a long-term lease by Japy-Tech, and an adjacent plot of land, totalling around 26,000 sq m, provides an opportunity to deliver up to 12,000 sq m of potential development.
Marc Brutten, Founder and Chairman of Westcore Europe, said “This is our first acquisition in France and represents an exciting milestone in the expansion of Westcore Europe. The transaction provides us with a high-quality income stream in a promising commercial region of France.
“The acquisition also provides numerous opportunities to add value through a programme of proactive asset management, undertaken by our highly experienced local asset management and leasing teams.”
Westcore Europe sourced the deal through their local acquisition team led by David Wiebenga. Hicham Berrada and Philippe Breiss represented Japy-Tech, who sold the property as part of a larger strategy to consolidate its industrial portfolio.
The transaction is financed by Caisse d’Epargne Bourgogne Franche-Comté.
Westcore Europe was primarily advised by Kramer Levin (tax), JOUFFROY & FILEAS (notary), EXPRET (financing), and Arthur Loyd Dijon (market).
The property is located within a 15-minute drive from the city centre of Dijon, which is a central cluster location for agri-business, higher education institutions, and innovation centres. The property has excellent accessibility by high-speed train TGV and located adjacent to several major motorways (A31, A39, and A6) linking Dijon to Paris, Germany, and Geneva.