M&G : invests €86 million in French food logistics acquisitions for leading retailers

London/Paris, 23 July 2026 - M&G Real Estate, part of M&G's €93 billion¹ private markets business, has completed two logistics acquisitions in France totalling €86 million on behalf of its €5.2 billion M&G European Property Fund.2

Leased to leading French food retailers, Groupe Intermarché and Biocoop, the properties are supporting essential food distribution across France and are leased on long-term agreements. The investments comprise a fully-refurbished cold-storage facility near Paris and a modern food distribution warehouse near Avignon.

France is one of Europe's largest logistics markets, supported by its large population, strong transport links and central role in European supply chains. Demand for modern, well-located facilities continues to outpace supply, particularly in specialist segments such as food and temperature-controlled logistics, where high development costs, technical requirements and planning constraints limit new development.

The two properties are located on major French logistics routes and benefit from strong sustainability credentials and long-term, inflation-linked leases. The warehouse in Montsoult, north of Paris, is a temperature-controlled facility undergoing a BREEAM Excellent refurbishment, with completion expected in October 2026. It is pre-let to ITM Logistique Alimentaire, the logistics branch of Groupe Intermarché, and will supply more than 2,000 stores across Paris and northern France. The property in Noves, near Avignon, is a Grade A logistics platform leased to Biocoop and one of its four national logistics hubs, supporting distribution to more than 750 stores nationwide.

With a nearly 20-year track record, the M&G European Property Fund has completed or agreed more than €1.6 billion of acquisitions over the past nine months, including over €500 million in logistics. Logistics now represents €1.3 billion of assets within the portfolio, reflecting the Fund's conviction in a sector supported by structural demand, supply constraints and its increasingly important role in supporting European supply chains.

Antonin Prade, Investment Director France at M&G Real Estate, said: "Assets supporting the distribution of essential food products benefit from steady demand, strong tenant retention and strong rental growth perspectives, which all perfectly match our long term core strategy. Beyond their investment fundamentals, these facilities play a major role in France's food supply chain, enabling the efficient delivery of everyday goods to consumers across the country. These acquisitions demonstrate our ability to source and acquire high-quality opportunities, while maintaining investment discipline in a challenging real estate market. They also reflect M&G's continued commitment to investing in assets that support the real economy, and reinforce our presence to France, where our real estate portfolio now totals €1.5 billion.

Simon Ellis, Fund Manager of the M&G European Property Fund, added: "We continue to focus on assets that combine strong investment fundamentals with an important role in the real economy. Food logistics remains one of the most resilient segments of the market, benefiting from enduring consumer demand, limited supply of modern facilities and high barriers to entry. These acquisitions strengthen our exposure to a sector where long-term structural trends support income resilience and value creation".

^{1 AUM as of 31 December 2025
2 GAV - as of 31 March 2026}