• Multiple locations

This portfolio is made up of some 50 bus depots spread throughout France.

It is managed by Atland on behalf of AG Real Estate and its main tenants are the Transdev and Keolis groups, transport specialists.

These properties are let on long-term leases, requiring a relatively modest input from the operators.

For AG Real Estate, this investment is a particularly interesting alternative in a context of a reduction in average yields because it is an asset class that is decoupled from the economic context which relies on a market controlled by top public and private-sector players – Keolis-SNCF, Veolia-Transdev, RATP – and subject to a strict regulatory framework (calls for tenders and outsourcing of public services). A booming market, recently strengthened by the liberalisation of long-distance coach transport.

The land ownership is also a key factor, for both the user and the investor, as each site is generally located in the heart of residential areas and at the centre of gravity of the markets covered by the operators. For them, these operating sites are much more than just bus parks. Subject to strict administrative permits, they house maintenance workshops, administrative and commercial offices and social premises, as well as a service station and a vehicle washing station.