Savills IM has announced the acquisition of the BrandLoyalty distribution centre in the southern Dutch city of Venlo, in an off-market deal worth €48 mln.
Built in 2013, the asset was sold by a private investor.
It provides around 39,900 m2 of warehouse space and 1,300 m2 of offices fully leased to BrandLoyalty on a long-term lease.
Marcel Fleminks, co-head of Savills IM's Dutch arm said that the property is earmarked for the ELF II fund.
Earlier this year Savills IM also agreed to forward-purchase a logistics assets in Venlo on behalf of Vestas Investment Management and a club of Korean investors.
The asset, comprising a cross-dock unit totalling 100,000 m2, is currently under construction and on completion will be leased to third-party logistics operator DSV.