Savills Investment Management said it has fully invested for its European Logistics Fund 2 (ELF 2) as it announced the acquisition of a €32.5m asset in the Netherlands.

The real estate investment manager said the acquisition of the fully-leased 30,000sqm logistics building in Venray means that ELF 2 fund is now fully invested at €900m.

ELF 2, launched in July 2015, now holds 27 properties in six European countries, with German and Swiss institutional investors. 

The successor ELF 3 fund was launched in late 2019, raising more than €375m in equity, and the manager is in advanced stage talks to acquire further assets for the ELF 3 fund.

Daniel Hohenthanner, director of investment, Savills IM, said: “The full investment of our flagship fund ELF 2 shows that even in a challenging market environment with unprecedented restrictions due to the COVID-19 pandemic, our deal sourcing and execution remains strong.

“We are still looking for attractive logistics properties for successor fund ELF 3 as well as our individual mandates and strategic partners. Five further logistics properties in three countries are already in exclusivity and advanced stages of purchase consideration.”

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