Tuesday, 13 October 2026
European property investment manager Vengrove has expanded its presence in France with the purchase of Parc de Toulon, a 7,000 sq m industrial and logistics property in central Lyon, for €12 million. The acquisition was completed through the company’s VRE Evergreen Logistics Partners (VREELP) investment vehicle, adding another French asset to a portfolio focused on industrial properties serving major metropolitan markets.
Situated in Lyon’s 7th arrondissement, close to the city centre, the property comprises modern industrial and distribution accommodation occupied by seven businesses, including domestic and international companies. The location provides access to one of France’s principal economic centres, where demand for conveniently positioned industrial facilities is supported by urban distribution requirements and the limited availability of development land.
The property was acquired from a privately owned French real estate company through a transaction arranged outside the open market. Lyon-based Core Group acted as intermediary. The acquisition offers opportunities to increase rental income and strengthen occupancy, with several existing leases approaching expiry and one unit currently available. Vengrove intends to implement a programme of property improvements, tenant engagement and leasing activity to enhance the asset’s performance and environmental standards.
The investment forms part of VREELP’s strategy of acquiring industrial and logistics properties in established European business locations. The vehicle targets assets in Germany, France and the United Kingdom, concentrating on metropolitan areas, important transport routes and locations that provide convenient access to customers and distribution networks. Lyon is among the French markets identified for further investment, alongside Paris.
Rodolphe de Clermont-Tonnerre, Partner and Head of France at Vengrove, commented: “We are happy to acquire such a high-quality asset in Lyon city centre with a strong income profile and further potential for value creation through intensive asset management. It also demonstrates our capacity to source off-market opportunities and execute in a challenging market. We will continue to seek urban logistics assets and light industrial parks in Lyon and also Paris, to grow the French portfolio and drive value for our investors”
Will Hunting, Partner and Head of European Acquisitions at Vengrove, added: “Growing VREELP’s exposure to France is a priority for Vengrove, and Lyon is one of our key target markets. It is particularly pleasing to acquire a high-quality asset in such a central, ultra urban location – physical real estate that is virtually impossible to replicate. This is an exciting step in the continued build out of VREELP and Vengrove’s French platform.”
Established in 2013, Vengrove has completed more than €1.2 billion of property transactions across Europe and maintains offices in London, Paris and Munich. The company combines investment management with direct involvement in property operations, using locally based teams and interests in operating businesses to oversee acquisitions, leasing and asset management. This approach is intended to provide greater control over property performance and identify opportunities to improve income and long-term asset value.
The Lyon acquisition reflects continued investor interest in industrial properties located within established urban areas, where accessibility and proximity to customers can provide advantages for occupiers. For investment managers, buildings with existing rental income and opportunities for refurbishment or lease restructuring can offer alternative routes to increasing returns without undertaking new development projects.
Vengrove received legal and technical advice from R&D Notaires, Simmons & Simmons, Mourant, Etyo and Nova Ambiente. Core Group represented the transaction as broker, completing the privately negotiated sale.
