Bahrain investor Arcapita has stepped up its plan to run a logistics business in Europe with the €500m (£394m) purchase of French company Compagnie Européenne de Prestations Logistiques (CEPL).

Arcapita purchased the 2,200 staff business from French private equity firm Sagard and the company’s management.

The deal marks the second large logistics investment by Arcapita this year following its purchase of Pinnacle Real Estate, the central and eastern European logistics property developer for an undisclosed sum in May.

That deal netted Arcapita with a portfolio of warehouses and land valued at €650 (£513m).

CEPL is a logistics operations manager which works closely with third-party logistics companies.

The company, which operates from 23 sites in France and Germany, effectively rents property to service contracts with clients such as retailers.

The tie-up with Arcapita will see the business rent Pinnacle warehouses.

Mounzer Nasr, head of Arcapita’s European corporate investments, said: ‘Arcapita currently owns more than 5m sq m of industrial warehouse facilities globally, and the acquisition of CEPL has the potential for significant synergies with our existing portfolio of logistics investments.’

Arcapita was advised by Morgan Stanley and financing was provided by a consortium of banks including RBS, SocGen, Calyon and ING.

Sagard and the management team were advised by Rothschild & Cie.