Savills Investment Management has acquired a Polish logistics assets for €101m for South Korean investors.
The multi-let 7R Park Beskid II in the Upper Silesia region of Poland was acquired on behalf of Seoul-based Vestas Investment Management.
The transaction means Savills IM and Vestas now manage €1.4bn in Europe real estate together, including 15 office and logistics assets.
The latest property is being sold by developer 7R and VRE over three phases between now and March 2022.
Upper Silesia and neighbouring Bielsko-Biała have become one of the largest clusters of production and distribution facilities for the automotive industry in Europe.
The 90,000sqm 7R Park Beskid II is made up of five buildings, including a build-to-suit facility for a joint venture between Valeo and Siemens to develop and produce drive components for electric vehicles. It is certified BREEAM Very Good.
Alistair Ennever, head of industrial and logistics for Europe at Savills IM, said: “We are very pleased to have concluded another transaction with Vestas and their investors, particularly in this high quality scheme developed by 7R.
“The asset is ideally located in one of the largest automotive production clusters in Europe and has proven appeal to blue-chip tenants.
“We have strong conviction that this is the right asset in the right location which is set to benefit from the fundamental drivers of the logistics sector over the long term.”
