Savills Investment Management has expanded its European Logistics & Industrial Fund (EULIF) with two new French assets, its second acquisition for the fund.
The international real estate investment manager has invested an unspecified amount on behalf of EULIF to buy the fully-let 11,822 sqm assets in Amiens and Valence from French developer 6e Sens Immobilier.
EULIF, an open-ended core-plus fund, was launched in January 2023 to target urban logistics and light industrial properties in “supply-constrained” European logistics markets.
The fund’s debut transaction was the acquisition of a multi-let light industrial park in Essen, Germany in the third quarter of 2023.
Laurent Vouin, head of France, Belgium and Luxembourg at Savills IM, said: “This off-market deal, our first French acquisition for EULIF, illustrates our continued interest in the dynamic French logistics sector. This new fund complements our historical appetite for big box assets with a more urban, last-mile and light industrial focus.”
Evert Castelein, investment director and co-head of European industrial and logistics at Savills IM, said: “Savills IM has a notable European logistics platform with over €6bn of investments sourced and managed by local teams based in one of our 12 European offices.
“The supply-constrained nature of the French cross-dock market makes this an exciting second acquisition for EULIF as we believe it is expected to benefit from positive rental growth. A strong capital position enables the vehicle to buy with full equity first in anticipation of more favourable financing conditions.”
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