A European logistics vehicle managed by Savills Investment Management has added a €48.7m German portfolio to the fund.

The Savills IM European Logistics Fund 2 (ELF 2) fund has bought the portfolio of three cross docks in Berlin, Leimen in the Rhine-Neckar region and St Ingbert in Saarland from Aquila Capital Management’s AGRAF German Real Estate Holding No. 1 fund.

All three cross docks were completed in 2014 and are fully let to Deutsche Post Immobilien.

The acquisition takes the open-ended ELF 2 fund’s portfolio investment volume to around €605m spread across 21 properties in 6 countries.

Daniel Hohenthanner, investment director at Savills Investment Management, said the three modern cross docks contribute to the further diversification of the portfolio of its pan-European logistics fund ELF 2.

“The combination of central locations and excellent infrastructure connections forms an ideal basis for such assets, as proximity to the end customer as well as fast delivery are equally ensured.

“Due to growing online trade, such modern sorting and distribution centres enjoy strong demand for last-mile delivery – in a comparable central location, the supply is very rare. All the more reason for us to be pleased that we were able to secure the portfolio for our investors.”

Rolf Zarnekow, head of real estate at Aquila Capital, said: “With the successful sale of the portfolio we acquired in 2014, we are achieving a return for our institutional investors that, due to active asset management and the generally strong market development, significantly exceeds expectations at the time of investment.

“In the coming years, we see the potential for similarly successful projects especially in Southern Europe, which is why we are currently increasing our investments and developments in this region.”