Savills Investment Management has acquired three last-mile logistics facilities in Spain for a total of €95 mln.
The assets, which are all leased to Amazon, provide a total of 140,000 m2 of space in the cities of Murcia, Alicante and Valladolid.
Savills Investment Management closed the acquisition, on behalf of its Vestas European Strategic Allocation Logistics Fund (VESALF I), from landlords Roebuck Asset Management and GFH Financial Group.
The properties have an average rental period of 12.85 years and will be certified by BREEAM as "Very good".
Nael Mustafa, GFH's co-chief investment officer, said: 'We still believe in the general fundamentals of investing in logistics assets. Our investment in Amazon's last-mile fulfillment warehouse portfolio has delivered the targeted return and desired capital appreciation. Amid favorable market conditions, we have decided to make a timely and profitable early exit to ensure a strong return for investors.'
'We are delighted with the purchase of these "last mile" facilities located in key local markets for the tenant. We have always had the ambition to bring a Spanish component to VESALF I, taking into account the optimistic outlook we have for this market. The combination of these new buildings, coupled with the length of the leases made this portfolio a perfect fit. We hope to retain these assets for the long term. With the closing of this investment, more than 90% of the fund has now been invested in just over 12 months after its launch in November 2020, and we are pleased to have been able to allocate this capital to Vestas and its investors in such a short space of time. weather,' said Alistair Ennever, head of the Logistics and Industrial area for Europe at Savills IM.
Cushman & Wakefield brokered the deal. ING provided financing.
