Savills IM pays €49m for German logistics portfolio

Savills Investment Management has acquired a portfolio of three logistics properties in Germany for €48.7 mln on behalf of its ELF 2 logistics fund.

The vendor is a fund managed by Aquila Capital Management called AGRAF German Real Estate Holding No. 1.

The three cross-dock facilities are located in Berlin, Leimen in the Rhine-Neckar region and St. Ingbert in Saarland and cover a total rental area of 15,400 m2. All three assets are fully let to Deutsche Post Immobilien, a subsidiary of Deutsche Post DHL Group, with an average remaining term of more than 10 years.

The purchase is the eighth transaction for the ELF2 fund since the beginning of the year and brings the value of its portfolio to around €605 mln spread across 21 properties in six countries.

Daniel Hohenthanner, director of investment at Savills IM, said: ‘The three modern cross docks contribute to the further diversification of the portfolio of our pan-European logistics fund ELF 2. The combination of central locations and excellent infrastructure connections forms an ideal basis for such assets, as proximity to the end customer as well as fast delivery are equally ensured.

‘Due to growing online trade, such modern sorting and distribution centres enjoy strong demand for last-mile delivery – in a comparable central location, the supply is very rare. All the more reason for us to be pleased that we were able to secure the portfolio for our investors.’

Mayer Brown LLP and Arcadis acted as advisers to Savills IM. Heuking Kühn Lüer Wojtek and the law firm Dr. Krohn provided legal and tax advice to the sellers. CBRE was exclusively commissioned with the marketing of the portfolio.

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