Savills Investment Management has acquired an asset in Spain for its European logistics fund from Scannell Properties.
The real estate fund manager said it has acquired the newly-constructed, fully-let 19,284sqm Logistic Park Manises building in the first ring of Valencia for around €20m.
Javier Inchauspe, managing director for Spain at Scannell Properties, said: “Logistic Park Manises has attracted the interest of many logistics real estate investors who are seeing great potential in Spain’s third largest city.
“As a modern and sustainable warehouse with a first-class tenant, this property represents a strong investment for Savills IM and we thank them for a highly cooperative sales process.”
Gerhard Lehner, head of Germany at Savills IM, said: “With this purchase near Valencia, we have added another property with strong fundamentals and sustainability qualities to the portfolio. The asset is situated in an attractive urban location, adopts a flexible use of space and is let to a tenant with a strong credit rating.
“Even if the environment remains volatile, we are seeing opportunities in the European logistics market. We remain highly selective in our acquisition strategy for our funds and mandates in the sector, with focus on attractive risk/return profiles.”
The Savills IM European logistics portfolio currently comprises 19 assets valued at approximately €730m.
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