Morgan Stanley fund buys cross-dock logistics asset near Paris airport

Manova Partners has sold a fully occupied logistics property in Gonesse, north of Paris, to a fund managed by Morgan Stanley Real Estate Investing. The off-market transaction covers approximately 13,000 sqm of cross-dock space close to Paris Charles de Gaulle Airport, with the purchase price remaining undisclosed.

The property is located in the Val-d’Oise department and has direct access to the wider Greater Paris distribution network through the A1 and A3 motorways. Its position near Charles de Gaulle places it within an important logistics corridor serving the French capital and airport-related distribution activities.

Manova owned the property for around a decade and recently renewed the lease with the existing occupier before completing the sale. The extension gives the purchaser longer income visibility from an established tenant and follows a period of active management by Manova during its ownership.

The transaction comes against a selective French logistics investment market. Although combined industrial and logistics investment reached around €3bn during the first half of 2026, JLL data show that this figure was heavily influenced by the €2.3bn PROUDREED industrial portfolio transaction. Pure logistics investment amounted to €433m, down 71% year on year, demonstrating that capital remained available but transaction activity was substantially below the previous year’s level.

The occupational market showed stronger momentum during the second quarter. Around 1.5 million sqm of French logistics space was transacted during the first half, 15% below the previous year, but second-quarter activity exceeded 1 million sqm and increased 24% year on year. The Île-de-France region accounted for 22% of national take-up during the period.

Against this background, the Gonesse deal illustrates the continuing appeal of leased logistics properties in established transport locations even as the wider investment market remains selective. JLL reported prime French warehouse yields at approximately 4.9% at the end of the second quarter, while Greater Paris property investment across all sectors remained 18% below the first half of 2025.

JLL and Fire AM advised the purchaser on the transaction. Manova Partners was represented by Osborne Clarke, while Clifford Chance advised the buyer and Wargny Katz acted as notary.