Meung-sur-Loire, France acquisition for €23.5 million sees Office Depot consolidate its distribution operations
The Company was pleased to announce in February 2019 the completion of the purchase of a logistics warehouse located in Meung-sur-Loire, France, for €23.5 million.
This high quality warehouse is let to Office Depot France on a fully indexed lease until 2026 resulting in an unexpired lease term of 7.4 years. Office Depot is a leader in the office supplies market with sales through stores, online and B2B and has consolidated its business in France at this established logistics park. This central location makes it ideal for national and international distribution through the strategic logistics corridor linking Lille-Paris-Lyon-Marseille. The property is located 27 kilometres south of Orleans at Parc Synergie, which serves Paris, Central and Southern France via a very effective road and rail network.
The building itself which was constructed in 2004 has a total lettable area of 30,180 square metres and is very well maintained with modern specifications in terms of the number of loading doors (1 per 1,000 square metres), floor load capacity (5,000 kg per metre), clear height between 12 and 17 metres and an office to warehouse ratio of only 6%. The building layout provides the flexibility to move to a multi-tenant facility if required in the future. The current low site coverage of the warehouse building of only 29% affords good potential for further expansion of the unit or further development in the future.