A European logistics fund managed by Savills Investment Management has added a newly constructed asset in Germany to its portfolio.

Savills IM said the European Logistics Fund 3 (ELF 3) fund has acquired the fully-let logistics complex in Verden, Lower Saxony from Panattoni for an undisclosed amount.

The asset comprises 59,000sqm of warehouse space, 3,700sqm offices and 4,000sqm of mezzanine spaces.

The international real estate investment manager said ELF 3’s portfolio now comprises 16 properties in six countries.

Daniel Hohenthanner, investment director at Savills IM, said the acquisition is ELF 3’s first investment in Germany.

“It contributes to the further diversification of the fund portfolio in terms of country allocation and rental profile. Ideally located in the logistics region of Bremen, which represents an important transshipment and bundling node in international goods traffic, the complex can also be flexibly subdivided into up to seven parties of different sizes, which ensures a high degree of third-party usability.”

Tim Ulrich, head of transaction management Germany at Savills IM, said: “Even though the current market environment is challenging, there are still attractive investment opportunities.

“Particularly for large-scale logistics properties, capacities are exhausted throughout the Bremen region, while demand for modern logistics space remains high.

“We are therefore all the more pleased to have secured this modern and flexible logistics complex with high ESG standards and excellent connectivity for our ELF 3 portfolio.”

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