Savills Investment Management (‘Savills IM’) the international real estate investment manager, today announces the acquisition of two logistics assets in France and the UK on behalf of its Vestas European Strategic Allocation Logistics Fund (‘VESALF I’ or ‘the Fund’), for a combined €175 million.
Located on Mercia Park, Tamworth UK, the first acquisition constitutes a sale and leaseback of DSV’s midlands headquarters. The asset is made up of a c.420,000 sq ft warehouse building, a c.120,000 sq ft cross dock facility and a regional c.35,000 sq ft HQ office building.
VESALF I signed the forward commitment to acquire the property in March 2021 and has now closed the deal upon completion of construction. DSV has taken a 10-year lease over the buildings, which benefit from BREEAM ‘Very Good’ ratings.
The second acquisition comprises two recently developed warehouses near Lille, one of the biggest French logistics locations. The buildings are leased to Renault and Fedrus on long-term commitments.
Savills IM were advised by De Pardieu, Brocas & Maffei (legal); Savills (technical and environmental) and BNP Paribas (commercial) on the French transaction. And by Ashurst (legal), Arcadis (technical) and CBRE (commercial) on the Tamworth acquisition. Aareal financed both transactions having already financed another asset in the VESALF I portfolio.