AEW Europe has bought two distribution warehouses in France for €28m for its core-plus fund, Curzon Capital Partners II.

The two investments bring the fund’s completed deals this week to €147.5m following the purchase of a €119.5m portfolio of seven properties totalling 2.5m sq ft in the Netherlands and Germany from ProLogis European Properties.

It has bought a 287,772 sq ft property on the Zone Park du Beck in the commune of Wattrelos near Lille and the Belgium border, from Goodman’s European Logistics Fund for €16m.

The property, which is let to Promod SA on a 12 year lease with a 9 year break, is a modern warehouse with a two-storey office.

It has also paid €8.9m for a warehouse south of Lyon at an 8.2% yield for the fund from a Lyon-based developer called EM2C.

The 158,831 sq ft distribution warehouse is located near L’Isle d’Abeau and fully let for nine years.

Rob Reiskin, managing director at AEW Europe, said of the Wattrelos deal: ‘While modest in size, this investment is forecasted to generate an attractive double digit return. Beyond this, we hope that it will be a catalyst for further business with Goodman.’

King Sturge advised AEW Europe in both transactions.