Savills IM buys 57,000 sq m logistics platform in Marseille
3 December 2020
Savills Investment Management (Savills IM), the international real estate investment manager, has acquired for an undisclosed sum a logistics platform in the Marseille region on behalf of its European Logistics Fund 2 (ELF2) in an off-market transaction.
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The high quality distribution centre has a prime location in the Distriport hub of Fos-sur-Mer (13) of Marseille. Covering 57,000 sq m, the asset is entirely leased to French logistics services Groupe ALAINE and can accommodate half a freight train inside its warehouse. The asset benefits from a BREEAM Very Good classification. Its roof is fully equipped with solar panels leased by a specialised operator.
The asset was acquired off-plan from Groupe Chevallier / Krown Logistry. The development work was carried out by the Vinci Group. The acquisition represents Savills IM's fifth and final transaction in France on behalf of ELF 2, which focuses on core investments in liquid European markets.
ELF 2 was closed to new investors at the beginning of 2019 after raising EUR 560 million, more than twice its target of EUR 250 million. It has delivered a total return of around 9.0% per annum since launch in July 2015 through investments in 28 logistics assets totaling EUR 900 million across six countries.
Its success and investor demand prompted the launch of a successor fund, ELF 3, which launched in Autumn 2019 and invests in prime logistics assets across Europe. ELF 3, which is open to new investors, also focuses on core/core-plus assets in liquid markets and has raised c. EUR 375 million to date. Savills IM manages c. EUR 4.7 billion of investments in logistics assets.
Laurent Vouin, Head of France and BeLux at Savills IM, comments:
“This off-market transaction illustrates our teams’ expertise in identifying assets that have the best standards. Its optimal geographic location at the heart of the Distriport hub of Fos-sur-Mer, combined with its leading tenant, make it an ideal combination for our growing portfolio. Our logistics portfolio in France now totals more than EUR 500 million, and we intend to continue to invest in this asset class in the coming months while diversifying our risk profile.”
Savills IM was advised by Allez et associés, De Pardieu Brocas Maffei and Drees & Sommer. The promoter was advised by Alcaix and BNPP Real Estate.
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