International investment manager Savills IM has acquired a newbuild distribution centre near Lyon in an off-market deal.
The 70,450 m2 facility is the 13th asset to be purchased for Savills' European Logistics Fund 2 (ELF 2). It is located on the A6 motorway connecting Paris and Marseille and is leased to Dutch retailer Action on a long-term basis. The roof of the building carries a solar panel installation which has also been rented long-term.
Financial details were not disclosed.
Savills' investment director Daniel Hohenthanner said the company was negotiating further purchases in Poland, Germany and Sweden for the open-ended ELF 2 special fund, which has €510 mln of equity committed to Grade A logistics assets to date. The company plans to launch another logistics fund in 2019 to meet the continued high demand.
'With its central location at one of the most important logistics locations in France, and a successful tenant with a high credit rating and a long-term connection to the location, this distribution centre is a perfect fit for our logistics fund portfolio,' said Hohenthanner. 'The building can also be flexibly divided into up to 10 units, giving it optimal conditions for reletting.
