Paris, 15 January 2026 – Harbert Management Corporation (“HMC”), an independent US-based alternative asset manager focused on real assets, and DeA Capital Real Estate, a leading player in real estate investment management in Europe, through a joint venture have acquired an initial c.73,000 sq.m. portfolio of business parks in France. The acquisition, completed by HMC’s European Real Estate platform (“HERE”), underlines HERE’s continued conviction in modern, well-located industrial formats that benefit from resilient occupier demand and constrained new supply.
The transaction comprises seven forwarded-funded new-build assets in Croissy-Beaubourg (Île-de-France), Mondeville (Caen), Petit-Couronne (Rouen), Ludres (Nancy), Chasseneuil (Poitiers), Marck (Calais), and Le Mans. Financing was provided by a banking pool. Financial terms have not been disclosed.
The sites have been acquired from developer Axtom. The assets are scheduled to be delivered by Axtom’s subsidiary Axdev between late 2026 and early 2027. The projects align Axtom's expertise in redevelopment of brownfield sites and soil remediation. Four general contractors (GSE, Kleidi, Lockroy and Axess) have been appointed.
The properties are being developed with flexible unit design and incorporate advanced ESG criteria and high energy efficiency (BREEAM Excellent and Very Good). All solarizable roof surfaces were equipped with panels, for a total production of 5 MWp. Sustainability and flexible design are increasingly important to both occupiers and institutional investors and support exit optionality across market cycles.
Business parks in France benefit from solid fundamentals; structurally strong occupier demand amid constrained new supply, while offering yield levels that provide an attractive spread compared to traditional asset classes. The asset class is also experiencing increased recognition from international institutional investors, as demonstrated by several large-scale transactions recently completed in the French market, supporting market liquidity and depth.
HMC’s European real estate platform has managed over 1 million sq. m of multi-let industrial assets with a combined GAV in excess of €1.8bn across core European markets.
Florent Danset, Senior Managing Director and Co-Head of European Real Estate at Harbert Management Corporation, said: “Multi-let industrial, including modern business parks such as the
assets acquired in this transaction, remains one of our highest-conviction sectors in France and across Europe. We have seen a clear pick-up in leasing activity in recent months, with occupiers continuing to prioritise high-quality, sustainable space. Even during periods of softer occupational demand, modern and flexible units close to dense urban areas have shown strong resilience. With new supply constrained, the demand-supply balance remains supportive.”
Eric Desautel, Principal and Head of France at Harbert Management Corporation, added: “This investment reflects one of our highest conviction sectors. Well-located light industrial and business park assets sit at the intersection of logistics and light manufacturing, benefiting from near-shoring dynamics, evolving supply-chain needs, and last-mile requirements. In an environment where new development is becoming more complex and constrained, high-quality, sustainable assets that meet evolving regulatory standards are increasingly valued by both tenants and long-term investors.”
Pierre Julin and Emanuele Dubini, Managing Director and Global CIO respectively at DeA Capital Real Estate, stated: “The French business parks market currently offers a particularly attractive entry point for international investors with a long-term vision. In an environment characterized by capital selectivity, this asset class combines income visibility, market depth, and performance potential - especially for recent, well-located assets aligned with ESG standards.”
Clément Van Tornhout, co-founding partner of Axtom, commented: “This transaction highlights Axtom’s ability to originate and execute high-quality real estate projects for leading investors. It also illustrates the strength of Axtom’s model, built around entrepreneurs deeply embedded in local markets, with a strong understanding of regional dynamics and the ability to develop assets aligned with local economic needs and constraints.”
HMC and DeA Capital Real Estate were advised by Lasaygues, DLA, Enoma, and Etyo.
Architects include Agence France and Apside.
