Savills Investment Management has acquired a fully let 22,550sqm logistics property in France for an unnamed German pension fund.
The real estate investment manager has acquired the newly constructed logistics property in north-west France for an undisclosed amount.
The asset, located between Paris and Le Havre, near Rouen, was developed by Virtuo Industrial Property, with Alteo IM providing asset management services. The property is let to transport and logistics company De Rijke.
Savills IM’s portfolio for the German pension fund started in 2015 and has expanded to include 13 properties across five European countries.
Patrick Griesbeck, senior investment manager at Savills IM, said: “We acquired the logistics property on behalf of a long-standing investor. It fulfils the criteria in terms of location and connectivity, high third-party usability and convincing ESG quality, and contributes to the further diversification of the portfolio.
“The logistics sector continues to benefit from solid fundamentals and structural growth and provides stable returns even in cyclical market phases. At the same time, the supply of space in European logistics hotspots remains limited and ESG requirements are growing. We are continuing our search for suitable properties for our funds and mandates.“
Laurent Vouin, head of France/Benelux at Savills IM, said: “The acquisition of this modern and sustainable logistics property underlines our strategy of making targeted investments in high-quality properties in strategically important locations. France remains an extremely attractive market for logistics investments, driven by strong demand for well-located, energy-efficient space.
“This is reinforced by e-commerce, the reorganisation of supply chains and the growing importance of proximity to major transport hubs. With this acquisition, we are adding another property in one of Europe’s most dynamic logistics markets to the portfolio of our investment mandate.”
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