Following a highly competitive tender process, Savills Investment Management (Savills IM), the international real estate investment manager, has sold a Grade A distribution centre in Le Coudray-Montceaux, Greater Paris for its European Logistics Fund 2 (ELF 2) to Aberdeen Investments for an undisclosed sum.
The distribution centre, located directly on the outskirts of Paris, comprises 30,420 sqm letting space let to a global manufacturer and distributor of medical products. The property has a ‘Very Good’ BREEAM New Construction certification. The site benefits from an excellent macro- and micro- location in Greater Paris and within the French logistics corridor, which runs from Lille via Paris and Lyon to Marseille.
Savills IM acquired the logistics property post completion in 2019 for its pan-European logistics fund ELF 2. The flagship fund, which was launched ten years ago and in which various German institutional investors are invested, is currently holding 26 logistics properties with a total value of c. €1 billion following the sale. The fund plans to reinvest the sales proceeds in modern Grade A distribution centres and is focusing on the core Western European logistics markets of Germany, France and the Netherlands.