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SEGRO unit prepares to house Ikea at proposed logistics development in Paris

SEGRO Plc subsidiary VAILOG made a forward purchase of a 63,000-square-meter urban logistics development at Port de Gennevilliers in Paris, subsequently leasing it to Ikea France in full.

The industrial real estate investment trust is working alongside the project's landowner, HAROPA-Ports of Paris, and expects completion to occur at the end of 2018.

According to a release, Ikea agreed to occupy the entire 50,000 square meters of space available at the multi-story warehouse, dubbed Paris Air2 Logistique.

CBRE acted as the sole agent on the deal with Ikea.