Savills IM acquires two new-build distribution centres in Denmark
18 August 2021
Savills Investment Management (Savills IM,) the international real estate investment manager, has acquired a newly built distribution centre and a distribution centre under construction in Horsens, Denmark, for its European Logistics Fund 3 (ELF 3).
The vendor and tenant in the sale-and-lease-back transaction is logistics service provider DKI Logistics A/S. The purchase price for the two adjacent properties totals around EUR 47 million. Following completion of these latest transactions, the ELF 3 portfolio will grow to nine properties in five countries.
The first distribution centre was completed in June 2021 and has 20,800 sqm of rental space. The second building, also with 20,800 sqm of leasable space, is under construction and is scheduled for completion by the end of the year. The entire space has been leased to DKI Logistics for 11 years. The new logistics buildings are located in the centre of Denmark in the Central Jutland region north of the city of Horsens, providing easy access to one of Denmark's main economic regions around the cities of Vejle, Kolding and Frederica. The port city of Horsens is itself an important commercial and industrial centre. DKI Logistics will use the logistics building in a highly automated and thus emission-reduced manner.
Savills IM’s advisers in the transaction included Bruun & Hjejle (legal); Niras (technical); Nordicals (commercial); and KPMG (tax). The vendor's broker was Colliers.
Daniel Hohenthanner MRICS, Director Investment at Savills IM, commented:
These state-of-the-art new logistics buildings meet the highest quality standards, have a ceiling height of over 13 metres and are centrally located at an important logistics hub between Scandinavia and other European countries. Thanks to the flexible usability, they also have a high potential for third-party use. The purchase marks ELF 3's first investment in Denmark, thereby further diversifying the portfolio. We are delighted to have secured these high-quality distribution centres for our investors in a highly competitive environment.
Peter Broström, Head of Nordics, Savills Investment Management, commented:
This acquisition reinforces Savills IM’s position as one of the leading logistics managers in the Nordics. Horsens is a welcome addition to our growing portfolio. It includes modern and efficient warehouses in one of the best locations in Denmark, while as a fast-growing distribution company, DKI Logistics is a strong tenant with whom we look forward to working closely to improve the facilities even further.
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"This acquisition reinforces Savills IM’s position as one of the leading logistics managers in the Nordics."