Oxford–AustralianSuper JV buys €80M logistics assets in France

Key Takeaways

Sector: Real Estate.
Geography: France.

Analysis

M7 Real Estate has completed the €80 million acquisition of a four-asset industrial and logistics portfolio across France, marking the first European transaction for its joint venture with Oxford Properties and AustralianSuper. The deal was made through the European Supply Chain Income Partnership (ESCIP), a pan-European logistics platform targeting a €4.5 billion portfolio within five years.

The 109,000 sq m portfolio is 83% leased and includes strategic assets in Lyon, Marseille, Nancy, and Angers, housing tenants like ID Logistics and Pomona EpiSaveurs. The acquisition offers value-add potential through sustainability upgrades, leasing of vacant space, and rental growth.

ESCIP was launched earlier in 2025 following AustralianSuper’s acquisition of a 50% stake in Oxford’s €840 million logistics platform and its M7 operating unit. The joint venture (JV) signals growing appetite among institutional investors for high-quality logistics real estate in core European hubs outside major capitals. This also follows M7’s prior £60 million investment in Greater Manchester, further cementing ESCIP’s expansion momentum.

Comparable transactions underscore continued demand for logistics assets despite muted capital markets. In recent months, LondonMetric acquired Urban Logistics for £700 million in the UK, while Segro invested €222 million in Dutch warehouses, demonstrating investor confidence in e-commerce-driven supply chains and multi-let industrial resilience.

Following its first French acquisition, ESCIP—and its JV partners Oxford Properties and AustralianSuper—has actively pursued further logistics investments across Europe. Earlier in 2025, M7 Real Estate, on behalf of ESCIP, completed two acquisitions in Greater Manchester totaling about £60 million. Prior to the French deal, the partners built a €840 million pan-European logistics portfolio of 76 urban and mid-box assets across France, the UK, Denmark, Germany, the Netherlands and Spain. That portfolio—about 730,000 m² and 90% occupied—is the foundation of ESCIP’s ambitious strategy. In France, the JV is targeting last-mile hubs and distribution corridors with sustainable, multi-tenant logistics assets.

John Pow, Managing Director at M7, emphasized plans to scale in high-growth logistics corridors. Alicia Peters, VP at Oxford Properties, said the deal enhances exposure to logistics markets beyond Paris. Matthew Fidge of AustralianSuper reaffirmed confidence in the multi-let logistics strategy and the goal to expand ESCIP’s footprint.

The portfolio was sold by a 90/10 JV between PGIM Real Estate and Alderan, who acquired it off-market during COVID and significantly improved it via asset management. Nabil Mabed of PGIM noted the strong exit demonstrates the resilience of the French logistics market and the portfolio’s future value potential.