Savills IM acquires logistics property in Poland for EUR 65.5 million on behalf of VESALF I
15 February 2021
Savills Investment Management (Savills IM), the international real estate investment manager, has exchanged contracts to acquire a logistics property in Łódź, Poland, for EUR 65.5 million from Tritax EuroBox plc.
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It constitutes Savills IM’s second transaction on behalf of the Vestas European Strategic Allocation Logistics Fund (VESALF I), a pan-European logistics investment fund launched in partnership with Vestas Investment Management in late November 2020. The 100,000 sq m+ asset is leased to Castorama, a French retailer specialising in DIY and home improvement supplies, on a 6.7-year term.
VESALF I is among the first ‘blind’ funds raised solely from Korean institutional investors to invest in European real estate, and targets core/core-plus logistics assets across all key European markets. The fund was seeded with a new 115,000 sq m unit leased to DSV in Tholen, the Netherlands, acquired late last year.
VESALF I was represented in the transaction by JLL, Dentons, PwC and BNP PRE.
Alistair Ennever, Director, Strategic Partnerships, Savills Investment Management, commented:
“We are delighted to have signed the second acquisition on behalf of VESALF I. The logistics market remains a bright spot within the real estate landscape, and Savills IM is very active in the sector. We have made a strong start to the year and look forward to further activity across Europe in the coming months.”
Tomasz Puch, Head of Capital Markets, Poland, at JLL, commented:
“This transaction confirms the attractiveness of the Polish market for high quality, well-let logistics assets and demonstrates VESALF I’s ability to execute swiftly and efficiently to secure the right product. We expect to see Poland continue to be a highly attractive market for logistics investment for the remainder of the year and beyond, supported by strong liquidity and robust occupier fundamentals.”
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