Savills Investment Management’s European logistics vehicle has added a €40m Spanish asset to its portfolio.

Savills IM said it bought the fully-leased logistics hub located at Plaza Logistica in Zaragoza on behalf of its European Logistics Fund 2 (ELF 2).

The asset, which is leased to sporting goods retailer Decathlon, covers a gross leasable area of 50,520sqm and lies on a plot of more than 90,000sqm.

Savills IM said ELF2’s portfolio has grown to an investment volume of around €680m spread across 21 properties in 6 countries.

The manager said it has also seen rapid growth in the volume of assets it manages in the Iberian Peninsula, which currently total around €900m, bringing it closer to its target of €1.2bn in assets under management in the Iberian Peninsula by the end of 2019.

Fernando Ramírez de Haro, managing director of Savills Investment Management for Spain and Portugal, said: “Our investment aim from now until the end of 2019 is to focus on building a €1.2bn portfolio in the Iberian Peninsula and we believe that logistics assets will be key for this growth strategy.

“This Grade A logistics platform is one of Europe’s prime logistics centres, making it a unique buying opportunity.”

Daniel Hohenthanner, ELF 2 fund manager, Savills Investment Management, said: “The location of the platform, coupled with the quality of its tenant, make this asset ideal to expand the portfolio.

”I’m sure that the sector will present more off-market opportunities of this sort that add value to our portfolio.”