Savills IM acquires Spanish logistics hub for EUR 40m

30 July 2019


Savills Investment Management (“Savills IM”), the international real estate investment manager, has acquired a logistics hub in Spain on behalf of its European Logistics Fund 2 (ELF 2) for EUR 40 million.

The asset, located at PLAZA LOGÍSTICA in Zaragoza, is fully leased to Decathlon, the sporting goods retailer. It covers a gross leasable area of approximately 50,520m2 and lies on a plot of more than 90,000m2. With an average height of 12 metres, the asset was built in 2011 and is made up of two separate areas, including one with six modules and the other with two, connected by a reception and office building. Its location facilitates excellent connections with key Spanish cities.

Fernando Ramírez de Haro, Managing Director of Savills Investment Management for Spain and Portugal, commented: “Our investment aim from now until the end of 2019 is to focus on building a EUR 1.2 billion portfolio in the Iberian Peninsula and we believe that logistics assets will be key for this growth strategy. 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 Investment Management, added: “We are delighted to add another asset in the Iberian market to the ELF 2 portfolio. The location of the platform, coupled with the quality of its tenant, make this asset ideal to expand the 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 the legal advisors of Eversheds and the technical advisors of Savills Aguirre Newman throughout the PLAZA LOGÍSTICA transaction.

Launched in 2015, ELF 2 invests in Grade A quality logistics properties in core, liquid European markets. The fund was heavily oversubscribed at launch 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 and has achieved a total return over 7.5% per annum, significantly ahead of its original target. ELF2’s portfolio has grown to an investment volume of around EUR 680 million.

Savills IM has also seen a rapid growth in the volume of assets it manages in the Iberian Peninsula, which currently total around EUR 900 million.




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