DeA Capital Real Estate and Harbert Management Corporation (HMC), an independent US alternative asset manager focused on real assets, have acquired, through a joint venture, a first portfolio of business parks (real estate complexes for manufacturing and light logistics use) in France totaling approximately 73,000 m2.

The transaction, completed through HMC's European Real Estate platform (Here), confirms the firm's strong belief in modern, well-located industrial formats, characterised by resilient demand and limited new supply.

The transaction involves seven newly built forward-funded assets located in Croissy-Beaubourg (Île-de-France), Mondeville (Caen), Petit-Couronne (Rouen), Ludres (Nancy), Chasseneuil (Poitiers), Marck (Calais), and Le Mans. The financing was structured through a banking syndicate.

The sites were acquired by the developer Axtom. The assets will be delivered between the end of 2026 and the beginning of 2027 by its subsidiary Axdev. The projects leverage Axtom's expertise in soil regeneration and remediation. Four general contractors have been appointed for this project: GSE, Kleidi, Lockroy, and Axess.

The properties are developed with flexible units, integrating advanced ESG criteria and high energy efficiency standards (BREAM Excellent and Very Good certifications). All eligible roof surfaces have been equipped with photovoltaic panels, for a total capacity of 5 MWp. Sustainability and design flexibility are increasingly important factors for both tenants and institutional investors, helping to strengthen exit options during different market cycles.

Business parks in France benefit from solid fundamentals, with structurally strong demand and limited supply, and offer yields that offer attractive spreads compared to traditional asset classes. The segment is also attracting growing interest from international institutional investors, as demonstrated by several significant transactions recently concluded in the French market, supporting market liquidity and depth.

HMC's European real estate platform has managed over 1 million sq m of multi-tenant industrial assets, with a total GAV exceeding €1.8 billion across key European markets.

Florent Danset , Senior Managing Director and Co-Head of European Real Estate at Harbert Management Corporation, commented: “The multi-tenant industrial sector, including modern business parks like those acquired with this transaction, remains one of our key areas of focus in France and Europe. In recent months, we have seen a clear recovery in leasing activity, with tenants increasingly opting for high-quality, sustainable spaces. Even during periods of lower demand, modern, flexible units close to major urban centers have demonstrated strong resilience. Despite limited new supply, the balance between supply and demand remains favorable.”

Eric Desautel , Principal and Head of France at Harbert Management Corporation, added: “This investment is one of our key sectors. Well-located light industrial assets and business parks are located at the intersection of logistics and light manufacturing, benefiting from near-shoring dynamics, evolving supply chains, and last-mile needs.”

Pierre Julin and Emanuele Dubini , Managing Director France and Global CIO of DeA Capital Real Estate, respectively, stated: "The French business park market today offers a particularly attractive entry point for international investors with a long-term vision. In an environment characterized by greater capital selectivity, this asset class combines revenue visibility, market depth, and performance potential, especially for new, well-located, and ESG-aligned assets."