Financial details were not disclosed.

The seller of the property is project developer Panattoni. The ELF 3 portfolio now comprises 16 properties in six countries.

Daniel Hohenthanner, director investment at Savills IM, said: 'The modern logistics centre in Verden is the first investment of our pan-European logistics fund ELF 3 in Germany. It contributes to the further diversification of the fund portfolio in terms of country allocation and rental profile.

'Ideally located in the logistics region of Bremen, which represents an important transshipment and bundling node in international goods traffic, the complex can also be flexibly subdivided into up to seven parties of different sizes, which ensures a high degree of third-party usability.'

The logistics complex offers a total of around 67,000 m2 of lettable space, which is divided between warehousing (59,000 m2), offices (3,700 m2) and mezzanine spaces (4.000 m2). It is fully let on a long-term basis to BLG Handelslogistik.

The new building, which was completed in 2021, meets Grade A criteria for a modern logistics property and also has a DGNB Gold certificate. It is located in the metropolitan region of Bremen and benefits from its strategic location with direct access to the A27 motorway.

Tim Ulrich, head of transaction management Germany at Savills IM, added: 'Even though the current market environment is challenging, there are still attractive investment opportunities.

'Particularly for large-scale logistics properties, capacities are exhausted throughout the Bremen region, while demand for modern logistics space remains high. We are therefore all the more pleased to have secured this modern and flexible logistics complex with high ESG standards and excellent connectivity for our ELF 3 portfolio.'

Savills IM was legally advised on the transaction by Noerr, fiscally by KPMG and technically by Kroll REAG.