Savills IM acquires German logistics portfolio on behalf of ELF 2  

16 July 2019

Savills Investment Management (Savills IM), the international real estate investment manager, has acquired a portfolio of three logistics centres in Berlin, Leimen in the Rhine-Neckar region and St Ingbert in the Saarbrücken area, on behalf of its Savills IM European Logistics Fund 2 (ELF 2). The purchase price was c. EUR 48.7 million. 

All three assets were completed in 2014. Each offers c. 5,000 sq m of rental space and are fully let to Deutsche Post Immobilien GmbH, a subsidiary of Deutsche Post DHL Group, with an average remaining term of over 10 years. The Berlin asset is in the largest industrial park in the Lichtenberg district, St. Ingbert is located near Saarbrücken, while Leimen is close to Heidelberg, Mannheim and Ludwigshafen, with outstanding waterway connections. All three properties offer cross-docking facilities and benefit from excellent connections to nearby motorways. 

ELF 2 has now completed eight logistics transactions since the beginning of the year, and several additional acquisitions are in the pipeline. Although the fund has now closed to new investors due to continuing high demand for high quality logistics facilities, Savills IM will shortly be launching a successor fund with a similar focus. 

Launched in 2015, ELF 2 invests in Grade A quality logistics properties in core, liquid European markets. The fund was heavily oversubscribed, with equity commitments of EUR 560m against an initial target size of EUR 250m. It has a diversified portfolio of 21 assets spanning six countries 

Daniel Hohenthanner, Director Investment at Savills IM, commented: 

“The continued appetite from investors for ELF 2 is a testament to both the demand for the logistics sector as well as our track record of deploying capital quickly in the sector and subsequent asset management. 

With the growth of online commerce, modern sorting and last-mile delivery, centrally located assets such as this portfolio are in high demand. These three state-of-the-art distribution centres with advanced cross-docking stations are a perfect fit with our investment strategy and add to the fund’s geographic diversification. All three assets are ideally located near to end-customers and have excellent transport infrastructure connections.”

The vendor is AGRAF German Real Estate Holding No. 1, a fund managed by Aquila Capital Management GmbH. Savills IM was advised by Mayer Brown LLP and Arcadis.




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