Prologis’ Property Fund Purchases Logistics Building
News: Prologis European Properties Fund II has purchased a logistics facility in Lyon from Sofade. The building covers an area of 44,000 square metres (sq m) and is at Prologis Park Isle d'Abeau in Lyon. The acquisition increases European co-investment fund Prologis' portfolio at L'Isle d'Abeau to 20 buildings and strengthens its presence in this active logistics market. Prologis' portfolio at L'Isle d'Abeau now totals 537,800sq m, with an occupancy rate of 99.8%. Sofade is a unit of Europe-based Dentressangle Initiatives.
BMI View : The prospects for France's commercial real estate sector are improving going into Q114 as the economy slowly starts to find its way back to growth. Direct investment in the property market grew s ignificantly on a year-on-year basis in Q313, reflecting growing international reco gnition of the market as a safe haven amid continued uncertainty surrounding the global economic outlook.