International real estate investment manager Savills Investment Management (Savills IM) has acquired a logistics hub in Spain on behalf of its European Logistics Fund 2 (ELF 2) for €40 mln.
The asset, located at Plaza Logistica in Zaragoza, is fully leased to Decathlon, the sporting goods retailer, and was built in 2011.
The property covers a gross leasable area of approximately 50,520 m2 and lies on a plot of more than 90,000 m2.
'Our investment aim from now until the end of 2019 is to focus on building a €1.2 bn portfolio in the Iberian Peninsula and we believe that logistics assets will be key for this growth strategy,' said Fernando Ramírez de Haro, managing director of Savills IM for Spain and Portugal. 'This Grade A logistics platform is one of Europe’s prime logistics centres, making it a unique buying opportunity.'
Daniel Hohenthanner, ELF 2 fund manager, Savills IM, added: 'We are delighted to add another asset in the Iberian market to the ELF 2 portfolio. I’m sure that the sector will present more off-market opportunities of this sort that add value to our portfolio.'
Savills IM was advised by Eversheds on legal matters and by Savills Aguirre Newman on technical matters.
Launched in 2015, ELF 2 invests in Grade A quality logistics properties in core, liquid European markets. It has a diversified portfolio of 21 assets spanning six countries and has grown to an investment volume of around €680 mln.
Savills IM has also seen a rapid growth in the volume of assets it manages in the Iberian Peninsula, which currently total around €900 mln.