Savills Investment Management has acquired a logistics hub in Spain on behalf of its European Logistics Fund 2 (ELF 2) for €40m. The asset, located at Plaza Logistica in Zaragoza, is fully leased to Decathlon. It covers a gross leasable area of approximately 50,520m2 and lies on a plot of more than 90,000m². With an average height of 12 metres, the asset was built in 2011 and is made up of two separate areas, including one with six modules and the other with two, connected by a reception and office building. Its location facilitates excellent connections with key Spanish cities.
Fernando Ramírez de Haro, Managing Director of Savills Investment Management for Spain and Portugal, commented: “Our investment aim from now until the end of 2019 is to focus on building a €1.2bn portfolio in the Iberian Peninsula and we believe that logistics assets will be key for this growth strategy. This Grade A logistics platform is one of Europe’s prime logistics centres, making it a unique buying opportunity.”
Daniel Hohenthanner, ELF 2 fund manager, Savills Investment Management, added: “We are delighted to add another asset in the Iberian market to the ELF 2 portfolio. The location of the platform, coupled with the quality of its tenant, make this asset ideal to expand the portfolio. I’m sure that the sector will present more off-market opportunities of this sort that add value to our portfolio.”
