Savills IM acquires two prime, fully let French logistics assets for its European Urban Logistics & Industrial Fund
19 February 2024
London, 19 February 2024. Savills Investment Management (“Savills IM”), the international real estate investment manager, has acquired two urban logistics assets in Amiens and Valence, France, for its European Urban Logistics & Industrial Fund (“EULIF” or “the Fund”). The seller is 6e Sens Immobilier, one of the major player in property development and value enhancement in France.
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Completed in 2021, the portfolio comprises of two modern, cross-dock assets, which offer a total of 11,822 sqm of lettable space and are fully let to Kuehne+Nagel, the global transport and logistics company, with a WAULT of c. seven years. The assets are strategically located along the main French logistics corridor, near major highways and close to urban markets where Kuehne+Nagel has been established for nearly 30 years.
Targeting BREEAM In-Use 'Very Good' certification, both facilities are equipped with EV charging stations and LED lighting, with the Valence asset also having PV panels installed on the roof.
The transaction is the second acquisition completed for EULIF, following the purchase of a multi-let light industrial park in Essen in Q3 2023. The Fund is a Core+ open ended structure and was launched in January 2023 with a strategic focus on urban logistics and light industrial properties in supply-constrained European logistics markets.
Laurent Vouin, Head of France and BeLux at Savills IM, commented:
This off-market deal, our first French acquisition for EULIF, illustrates our continued interest in the dynamic French logistics sector. This new Fund complements our historical appetite for big box assets with a more urban, last-mile and light industrial focus.
Evert Castelein, Investment Director and co-head of European Industrial & Logistics at Savills IM, adds:
Savills IM has a notable European logistics platform with over €6bn of investments sourced and managed by local teams based in one of our 12 European offices. The supply constrained nature of the French cross-dock market makes this an exciting second acquisition for EULIF as we believe it is expected to benefit from positive rental growth. A strong capital position enables the vehicle to buy with full equity first in anticipation of more favourable financing conditions.
CONTACT US
Citigate Dewe Rogerson
Will Easton
+44 (0)20 7025 6400
SavillsIM@citigatedewerogerson.com
“Savills IM has a notable European logistics platform with over €6bn of investments sourced and managed by local teams based in one of our 12 European offices.