Savills Investment Management has invested €175m on behalf of its Vestas European Strategic Allocation Logistics Fund (VESALF I) to buy two logistics assets in France and the UK.
The latest acquisition includes an asset on Mercia Parkin Tamworth, UK in a sale and leaseback deal with Danish transport and logistics firm DSV. The asset is made up of a 420,000sqft warehouse building, a 120,000sqft cross-dock facility and a regional 35,000sqft HQ office building.
The deal in France involves the acquisition of two recently developed warehouses near Lille. The buildings are leased to Renault and Fedrus.
VESALF I, launched for Korean institutional investors to acquire European logistics and office properties, now has exposure to Dutch, Polish, French and UK markets, the manager said.
Alistair Ennever, the head of industrial and logistics – Europe, Savills Investment Management, said: “We are delighted to have worked closely with Vestas to invest a significant proportion of the equity raised for VESALF I in these high-quality assets.
“The market continues to be very competitive and we are pleased to have been able to diversify the Fund to the French and UK markets with these acquisitions.”
Salvatore Lee, managing director, Vestas Investment Management, said: “We are very pleased to add these core countries enhancing the diversification and stability of the whole portfolio.
”As the European logistics market is set to continue its positive trajectory, we will be maintaining our allocation to this dynamic sector.”
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