Eddie Roche: We’re here with Aymeric Canivenc, Co-Head of Real Estate at Mileway. Thanks for joining us this morning.

Aymeric Canivenc: Thank you, Eddie, for having me.

Eddie Roche: Mileway focuses specifically on urban last-mile logistics rather than large fulfilment centres. How does this strategy differentiate your operational model from that of traditional industrial real estate companies?

Aymeric Canivenc: Our model at Mileway is based on proximity, granularity and active asset management. Large fulfilment centres, as you mention, and urban last-mile locations are complementary in the supply chain, and we focus on the last mile to be closest to consumers. All our properties allow our customers to reach 230 million consumers within a 30-minute drive, which makes a big difference for them. That represents 60% of the overall population of the countries in which we operate. Our large portfolio of 1,600 assets, 15,000 units and 9,000 tenants gives us valuable market information and allows us to support our occupiers as they grow and succeed in their business plans, which means delivering goods and services to their end customers.

Eddie Roche: High-quality last-mile logistics space in major European cities is in short supply. How does Mileway maintain high occupancy while still giving customers the flexibility to grow and adapt?

Aymeric Canivenc: It comes back to our DNA at Mileway, which is being close to our customers. To achieve that, we have 500 employees and 27 offices on the ground. Our asset managers speak with customers every day to understand their needs, their development plans and where they are heading. That makes a big difference in meeting their expansion needs, and also in supporting them when they have to rethink what they do. With this in mind, we can often offer neighbouring units, as we are in the last mile, or new properties next door, or even a wider footprint across the countries in which we operate.

Eddie Roche: How have shifting consumer habits and changing supply chain strategies affected demand for your urban spaces over the past few years?

Aymeric Canivenc: We think demand is broader than it used to be. E-commerce remains a big and important trend, but we also know that consumers still want faster deliveries and greater convenience in what they order. This is shifting what our tenants are looking for, and the trend is accelerating with the recent disruption in the supply chain. There is now more regionalisation of needs rather than a single centralised warehouse, so goods are being brought closer to consumers. This is exactly where Mileway’s thesis comes in: owning assets located close to the consumer base, in highly dense areas where supply is low and demand is high.

Eddie Roche: Mileway has seen strong leasing momentum across markets. Which regions or asset types do you view as the primary growth drivers over the next three to five years?

Aymeric Canivenc: At Mileway, we see opportunities everywhere. We don’t see one specific location or region taking the lead. As we have just discussed, the location of last-mile sites is what makes the difference to our thesis and our positioning. We strongly believe that multi-let properties and small mid-sized boxes are a long-term trend, but assets like these are close to cities, where there is no land available for new development. So it is about repositioning and getting these assets into better shape for their markets. We invest heavily in this, as well as in acquisitions and development. That includes future-proofing, for example making buildings more energy efficient and able to support electrification, in constrained areas where rebuilding the city on itself is fundamental to securing the great locations we want to continue to foster.

Eddie Roche: Expo Real 2026. What are your takeaways from the fair so far?

Aymeric Canivenc: Thank you for asking. We have only just started, but from my initial discussions with clients, they are still looking for proximity, power and partnership. On proximity, they still want to get closer to their end consumers, as we mentioned earlier, which is a key fundamental for delivering faster. On power, energy is key in all buildings right now, and it is a discussion we are having. On partnership, our customers are looking not just for space but for a landlord that can support their growth story over the next few years. In addition, there is a big shift in usage, with more discussion around redoing the urban fabric and repositioning buildings. We are talking about this more because it is now harder to secure land and building permits in high-density areas. For Mileway, this is great news, because we already have a large, well-located portfolio and we continue to invest in improving the quality of our assets every day. Working closely with our customers to build this momentum is exceptional.

Eddie Roche: Thank you very much for your time.

Aymeric Canivenc: Thank you.

Source: CRE Media Europe