Savills Investment Management has acquired a logistics building in France on behalf of a German pension fund client.

The international real estate investment manager has invested an undisclosed sum to buy the asset in the west of France, in a sale and leaseback deal from a discount retailer owned by Action Group.

The logistics property, completed at the end of 2020, is located in Verrières-en-Anjou near Angers, the manager said.

The purchase was made on behalf of the German pension fund mandate which now holds a portfolio of 11 properties, acquired since 2015. The assets are located in Germany, France, Italy, Luxembourg and the Netherlands, including one property under construction.

Patrick Griesbeck, senior investment Manager at Savills IM, said: “With the logistics property near Angers, we were able to secure another attractive addition to the portfolio in a challenging market environment.

“Aside from the central location in a dynamic region with a growing population, excellent connectivity and the long-term lease to a creditworthy tenant, the property also meets high ESG and energy efficiency requirements.”

Laurent Vouin, the head of France/Belux at Savills IM, said: “We are pleased to add another distribution centre, with an extension capacity, ideally located with access to all the western conurbations, to our existing relationship with Action in France.

“Despite shifting market conditions, this acquisition demonstrates our continued interest in core logistics assets with strong ESG credentials.“

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