Valor Real Estate Partners secures €130 million financing from KKR for ultra last-mile logistics portfolio in France
11 December 2025
-First transaction between the two companies will enable Valor to continue driving long-term value creation through active asset management and reflects continued institutional appeal of sector benefitting from compelling tailwinds-
Valor Real Estate Partners, Europe’s leading specialist in last-mile logistics, has secured a €130 million loan from funds and accounts managed by KKR, a global investment firm, to refinance a portfolio of 12 assets located across prime submarkets in Paris and Lyon.
The portfolio, which is held within Valor’s joint venture with RSF, a Dallas-based real estate private equity firm spans 76,000 sqm in total and includes standalone urban warehouses and small urban estates. The majority (75% by size) are located in and around Paris, with the remainder located in Lyon, two of France’s most dynamic and urban logistics markets, with strong leasing activity and constrained new supply.
The portfolio is 98% occupied with an average lease term exceeding seven years. The tenant base comprises a diversified mix of e-commerce operators, third-party logistics providers, parcel delivery firms, and light industrial occupiers, reflecting robust occupier demand for well-located, high-specification logistics space.
The properties were acquired off-market between 2019 and 2021, and Valor has subsequently delivered an extensive sustainability-led refurbishment and redevelopment programme to meet the growing demand for high-quality, last-mile distribution facilities. Features include high-efficiency LED lighting with PIR and occupancy sensors, modern heating systems, thermally efficient cladding, roof-mounted solar PV panels and EV charging stations.
The transaction marks the latest in a series of senior financings that Valor has closed to support the expansion of its pan-European urban logistics platform. Since the start of 2021 it has completed 20 new loan facilities, a mix of development and investment, with 15 partners, totalling more than €1.8 billion.
Ali Imraan, Head of European Real Estate Credit at KKR, said:
“We are thrilled to partner with Valor Real Estate Partners, a highly regarded platform across Western Europe, and to finance this top-calibre portfolio that aligns strongly with our core thematic focus on prime logistics markets in Western Europe. This transaction showcases the strategic scaling of our European lending platform and lender relationships over the past couple years.”
Matthew Phillips, Partner and Head of Finance and Operations at Valor, added:
“This sizeable facility reflects the continued appetite from global institutions for exposure to high quality, future proofed logistics portfolios providing mission critical real estate in Europe’s dominant e-commerce centres.
“This first transaction with KKR adds another blue-chip lender to our debt capital partners and is a strong endorsement of our current strategy. We were particularly attracted to KKR’s speed of execution, efficient transaction structuring, and deep familiarity with the high growth European urban logistics sector.”