Savills Investment Management (Savills IM), the international real estate investment manager, has sold two logistics properties in Zaragoza, Spain, on behalf of the European Logistics Fund 2 (ELF 2) to Atland Investment Management in an off-market transaction. The purchase price has not been disclosed.
The fully-let portfolio comprises a logistics property built in 2009 with approximately 50,500 sq m of lettable space, leased to an international sporting goods retailer, as well as a property built in 2010 comprising two separate logistics halls with a combined lettable area of approximately 27,000 sq m. They are leased to a national grocery retailer and a logistics service provider.
Both buildings are located in the Plaza logistics park in Zaragoza, centrally placed for distribution across Spain. The location benefits from trimodal connectivity by road, rail and air, with excellent access to the key transport routes linking the major metropolitan areas of Barcelona and Madrid and connecting northern and southern Spain.
Industrial and logistics are key sector focusses for Savills IM, where the firm manages a total of €7bn of assets through various European funds and mandates, including ELF 2. Globally, Savills IM manages a total of €25.5bn across a range of residential and commercial sectors.
“By selling these two properties, we are consistently implementing our active portfolio management strategy. The transaction enables ELF 2 to realise existing value and further optimise the portfolio with a view to its long-term development,” says Sebastian Schambeck, Associate Director Portfolio Management at Savills IM.
Evert Castelein, European Head of Industrial and Logistics at Savills IM, added: “The successful execution of the business plan has enabled us to capture strong investor demand. Capital continues to concentrate around well-located, high-specification assets that meet modern operational and sustainability requirements. Liquidity for logistics assets with defensive income and upside potential remain robust, and our specialist sector expertise, combined with on-the-ground local execution puts us in an excellent position to capitalise on it.”
Savills IM was supported by Addleshaw Goddard (legal advisor), Savills (property manager for the 50,500 sqm asset) and Arcadis (technical adviser for the two-hall logistics building).