Savills Investment Management’s (IM) European logistics fund has added a French asset to its portfolio and expects to make further acquisitions in the coming months, the manager said.
Savills IM bought the newly built 70,450sqm distribution centre in Belleville-sur-Saône on behalf of its pan-European Logistics Fund (ELF 2) for an undisclosed sum.
The property in Lyon is leased on a long-term basis to the Dutch retail company Action.
The open-ended ELF 2 fund invests in logistics properties of Grade A quality in core, liquid European markets.
With equity commitments of over €510m, the fund has exceeded its target, Savills IM said.
Daniel Hohenthanner, an investment director at Savills IM said this is the thirteenth transaction made on behalf of ELF 2.
“We are also pleased to announce that we have secured further logistics properties in Poland, Germany and Sweden for the fund.”
The manager expects to make the purchases in the coming months.
In December last year, Savills IM said it intended to launch a European property fund.
At the time, Savills IM said it was preparing with Vestas Investment Management to launch a discretionary fund for Korean institutional investors to buy European logistics and office properties in the first quarter of 2019.
”Due to continuing high demand for products with a logistics focus, Savills IM is launching a successor fund with a similar focus in 2019,” the manager said today.