Argan SA

What Argan SA does

Argan SA is a French Société Anonyme listed on Euronext Paris (ticker: ARG) and headquartered in Neuilly-sur-Seine. Founded in 2000, the company designs, develops, owns, and leases premium Class A logistics warehouses across France, operating a portfolio of approximately 105 platforms totaling 3.77 million m² with a 10-year track record of occupancy above 99%. It is positioned as France's only listed real estate company exclusively specialized in premium logistics warehousing.

The company's core product is the proprietary Aut0nom® environmental label, an integrated building standard that combines rooftop photovoltaic generation, on-site battery storage, electric heat pumps, and a Building Management System to achieve carbon-neutral exploitation. Aut0nom® has been applied to 15+ buildings since 2022 and is paired with BREEAM Very Good certification; new developments target documented CO2 reductions of 35% to 90% versus conventional warehouses. All assets are held directly and leased under long-term firm agreements.

Argan generates revenue almost entirely from rental income on its logistics portfolio, with FY2025 rental income of €212 million (+7% YoY) and recurring net income of €155 million (+13%). Leases typically run 6 to 12 years with annual indexation (3.45% applied January 1, 2025). The company serves enterprise tenants across four primary verticals: large retailers (Carrefour, Intermarché, Pomona), food and beverage producers (Danone, Ferrero), fashion and sportswear (Celio, Puma), and third-party logistics and transport operators (Geodis, Jung Logistique, Dimotrans, ID Logistics). Capital is sourced through investment-grade debt, including a BBB- S&P rating, a 2.10% cost of debt, and an inaugural €500M green bond completed in April 2026.

Name

Argan SA

Legal name

Argan SA

Website

https://argan.fr

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Argan SA is France's only listed pure-play developer and owner of premium Class A logistics warehouses, operating a 3.77 million m², 105-platform portfolio fully leased to enterprise tenants under its proprietary Aut0nom® green-energy standard.

Ownership category

akta.pro rank

Headquarters

HQ city

Neuilly-sur-seine

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Others

Revenue model

1. Warehouse Leasing: ARGAN generates revenue primarily through long-term commercial property leasing. The company develops premium logistics warehouses and leases them to enterprise tenants under firm lease agreements typically ranging from 6 to 12 years. Rental income is the core revenue stream, with indexation adjustments typically applied annually (e.g., 3.45% indexation on January 1, 2025).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Argan SA develops, owns, and leases premium Class A logistics warehouse platforms across France under its proprietary Aut0nom® label, which integrates on-site photovoltaic energy generation, battery storage, electric heat pumps, and a centralized Building Management System. The company serves enterprise logistics users with both turnkey (clé en main) single-tenant platforms and standardized multi-tenant hubs, generating recurring rental income from a long-tenor lease book.

Product overview

ARGAN SA is France's only listed real estate company (SIIC) specializing in premium logistics warehouse development and rental. The company operates a platform-based model centered on its proprietary Aut0nom® label, which represents next-generation warehouses featuring on-site renewable energy production through photovoltaic installations, battery storage, and electric heat pumps. The portfolio spans over 100 logistics platforms totaling 3.77 million m² across France, with products including the Aut0nom® Montélimar (30,300 m²), Aut0nom® Rennes Sud/Bain-de-Bretagne, Messagerie Reims Nord cross-dock facilities, Beaune Platform, Aut0nom Abbeville, Le Coudray-Montceaux logistics platform, and specialized cold storage facilities like the Aut0nom® Danone Sorigny. All new developments carry the Aut0nom® label ensuring carbon-neutral operations, while existing non-certified sites undergo energy efficiency upgrades including heat pump installations. The company maintains 100% occupancy and serves major tenants including Danone, CELIO, Nortene, Puma, Ferrero, and others under long-term lease agreements.

Differentiator

Problem solved

Functional benefit

Products and services

• Aut0nom® Premium Logistics Warehouse Label Proprietary building standard applied across Argan's new logistics platforms, offering tenants low-carbon, energy-autonomous Class A warehouses with on-site renewable generation, storage, and smart building management; targeted at enterprise 3PL, retail/e-commerce, FMCG, and food logistics tenants under long-term indexed leases.
• Build-to-Suit ('Clé en Main') Logistics Platforms Turnkey development and long-term lease of customized, single-tenant logistics warehouses built to anchor tenant specifications on Argan-owned land; designed for enterprise occupiers needing XXL (>40,000 m²) or bespoke automated sites with Aut0nom® specifications under 6–12 year triple-net leases.
• Multi-Tenant Aut0nom® Hubs Standardized Aut0nom® logistics platforms leased to multiple mid-market and enterprise tenants on standardized per-m² terms, positioned on key French logistics corridors; suitable for distribution, light-industrial, and last-mile fulfillment users.
• Aut0nom® Montélimar Platform XXL-class Aut0nom® logistics platform at Montélimar, France, leased to enterprise logistics tenants under a long-term Aut0nom®-spec indexed lease.
• Aut0nom® Rennes Sud / Bain-de-Bretagne Platform Large-scale Aut0nom® logistics platform in the Rennes metropolitan area leased to enterprise tenants needing ESG-aligned Class A warehouse space.
• Messagerie Reims Nord Multi-tenant logistics platform at Reims Nord leased to parcel, express, and distribution tenants requiring modern messaging/cross-dock facilities.
• Beaune Platform Aut0nom®-spec logistics platform at Beaune leased to enterprise logistics users seeking a strategic Burgundy corridor location.
• Aut0nom® Abbeville Platform Aut0nom® logistics platform at Abbeville leased to enterprise logistics tenants; on-site photovoltaic generation and battery storage standard.
• Aut0nom® Le Coudray-Montceaux Platform Aut0nom® logistics platform south of Paris leased to enterprise tenants needing southern Île-de-France / Île-de-France orbital access.
• Aut0nom® Serris Prototype Prototype Aut0nom® platform at Serris (Île-de-France) leased to enterprise tenants; serves as the reference deployment of the Aut0nom® stack combining PV, storage, heat pumps, and BMS.
• Aut0nom® Danone Sorigny Platform Build-to-suit Aut0nom® platform at Sorigny (Indre-et-Loire) developed and leased to Danone for food logistics operations under a long-term indexed lease.
• CELIO Amblainville Extension Aut0nom®-spec extension at Amblainville leased to CELIO to support the retailer's French e-commerce and omnichannel fulfillment.
• Cross-dock Vendin-le-Vieil Cross-dock logistics platform at Vendin-le-Vieil leased to distribution/express tenants needing cross-dock configuration in northern France.
• Jung Logistique Tournan-en-Brie Platform Aut0nom®-spec logistics platform at Tournan-en-Brie (Seine-et-Marne) leased to Jung Logistique and other distribution users in the southeast Paris corridor.
• PUMA Vendenheim Platform Aut0nom®-spec logistics platform at Vendenheim (Alsace) leased to PUMA for French and European distribution under a long-term indexed lease.
• Ferrero Cléon & Barentin Platforms Two Aut0nom®-spec platforms at Cléon and Barentin developed and leased to Ferrero to support French production and distribution logistics under long-term indexed leases.

Quantifiable outcome

• CO2 emissions reduced by 35% at Danone Sorigny site
• +6 more outcomes

Named customers20 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• DecathloncoreStrategic or Co-development Partner · 4 December 2025Partnership to modernize heating systems in four warehouses across France, replacing gas boilers with heat pumps. Project aims to avoid 700 tons of CO2 annually and aligns with ARGAN's environmental goal to cut emissions by 50% by 2030.
• Major international transport and logistics group (Carrefour Supply Chain)coreOthers · 3 November 2025A leading international transport and logistics group occupying a 9,000 sq.m cross-dock facility in Vendin-le-Vieil (62) near Lens under a firm 12-year lease. Facility is adjacent to a site owned by ARGAN and operated by Carrefour Supply Chain.
• CBREsupportingOthers · 8 July 2025CBRE advised both parties in the transaction for the Serris (77) Aut0nom reletting to ZyCOM.
• A26 ArchitecturessupportingOthers · 3 June 2025Architecture firm partner for Nortene Home Depot Aut0nom warehouse development in Louailles (72), delivered in record timing.
• IDECsupportingOthers · 3 June 2025Development partner for Nortene Home Depot Aut0nom warehouse project in Louailles (72), enabling delivery in record timing.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Warehouses De Pauw (WDP): Belgian-listed pure-play European logistics REIT with a comparable strategy of developing and owning modern, sustainable logistics warehouses leased to enterprise tenants. Closest like-for-like European peer in business model and asset focus.
• SEGRO plc: UK-listed European logistics REIT operating big-box warehouses across the UK and Continental Europe. Similar pure-play logistics focus, premium-grade asset strategy, and ESG-led portfolio repositioning make it a close comparable.
• P3 Logistic Parks: Pan-European owner-operator of logistics warehouses, owned by GIC. Directly comparable in developing modern logistics assets leased to major retailers and 3PLs across European markets including France.
• Logicor: One of the largest owners of logistics real estate in Europe, owned by Blackstone. Operates a pan-European portfolio of big-box warehouses leased to e-commerce, retail, and logistics tenants — directly comparable in asset type and customer base.
• Montea: Belgian-listed logistics and semi-industrial real estate investor. Comparable pure-play strategy focused on multimodal and sustainable warehouses leased to enterprise tenants in Benelux and France.
• CTP N.V. Largest listed developer and owner of logistics and industrial real estate in CEE, expanding into Western Europe. Comparable in developer-owner-operator model with a strong sustainability-led product offering.

Broad incumbents

• Prologis: Global leader in logistics real estate with significant European footprint including France. Larger, more diversified incumbent with overlapping customer base but broader global scope and asset strategies.
• GLP (Europe operations): Global logistics real estate developer and operator (formerly Gazeley in Europe). Overlaps with Argan in modern sustainable logistics, but operates at much larger global scale and broader geographic footprint.

Regional players

• Catena AB: Swedish-listed logistics property company focused on the Nordic region. Comparable pure-play logistics REIT business model, though geographically focused on Scandinavia rather than France.

Emerging players

• Tritax EuroBox plc: UK-listed European big-box logistics REIT. Comparable focus on Continental European logistics assets leased to investment-grade tenants, though smaller and earlier-stage than Argan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/argan

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Argan SA