Savills Investment Management has added a €35.2m asset in Sweden to its open-ended European Urban Logistics & Industrial Fund‘s (EULIF) portfolio.

The manager said it has acquired the newly built 15,000sqm logistics facility in Gothenburg from Catena and Platzer’s joint venture Sörred Logistikpark. The asset is leased to a Swedish multinational car manufacturer for 10 years.

The acquisition represents EULIF’s first investment in Sweden. The core-plus fund already manages assets across Germany, France and Spain.

Evert Castelein, head of logistics and industrial Europe, Savills IM, said:  “The fund’s acquisition strategy focusses on core European markets benefitting from the most favourable supply-demand dynamics and strong rental growth potential. Our local presence and knowledge in these markets provides us with access to opportunities that help drive income-return resilience and alpha generation for our investors.

“We believe the asset is an excellent addition to the fund’s diverse and defensive portfolio, which forms part of Savills IM’s wider conviction and market-leading presence in the European logistics market.”

Lisen Heijbel, head of investment, Nordics at Savills IM, said: “We have an established track record in the Nordics, with our large on-the-ground team having been active in the region since 2007, delivering positive income and total returns for our investors in that period.

“We’re seeing increasing investor interest in the Nordic logistics market, driven by strong fundamentals and growing demand. Yields have started to compress, which underscores the sector’s attractiveness and long-term potential.”

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