Harbert Management Corporation and DeA Capital Real Estate have formed a joint venture to acquire a portfolio of business parks in France, emphasizing modern industrial formats with strong demand and sustainability features.

Target Information

Harbert Management Corporation (HMC) and DeA Capital Real Estate have formed a joint venture to acquire a portfolio consisting of approximately 73,000 square meters of business parks across various locations in France. The transaction, which is managed by HMC’s European Real Estate platform (HERE), represents a strategic investment in modern and well-located industrial assets that are expected to benefit from strong demand from tenants and a limited supply of new developments. The acquisition from developer Axtom includes seven forward-funded new-build assets predominantly located in Île-de-France and other regions such as Normandy and Pays de la Loire.

Industry Overview in France

France's business parks market is currently characterized by robust fundamentals, with a sustained demand from occupiers outpacing the constrained supply of new developments. This imbalance has led to attractive yield levels for investors, especially in comparison to traditional asset classes. The growing recognition of business parks as a viable investment opportunity is evident in several large-scale transactions completed recently, enhancing market liquidity and depth.

Additionally, the ongoing trend towards near-shoring and evolving supply chain dynamics is propelling demand for light industrial properties, including business parks. These properties are primarily situated near urban areas and benefit from flexible