Savills Investment Management (Savills IM), an international property investment manager, has sold two logistics properties in Zaragoza, Spain, to Atland Investment Management on behalf of the European Logistics Fund 2 (ELF 2) as part of an off-market transaction. The parties have agreed not to disclose the sale price.
The portfolio comprises a logistics property built in 2009 with approximately 50,500 square metres of lettable area, which is let to an international sports goods manufacturer, as well as a property built in 2010 comprising two separate logistics warehouses with a combined lettable area of approximately 27,000 square metres. These are let to a food retailer and a logistics service provider.
The properties are situated in the “Plaza” logistics park, one of Spain’s most important logistics hubs. The site offers trimodal connectivity to road, rail and air transport. It benefits from excellent accessibility via the main transport routes linking the major metropolitan areas of Barcelona and Madrid, as well as northern and southern Spain. Geographically, Zaragoza lies at the heart of Spain’s logistics network.
“With the sale of these two properties, we are consistently implementing our active portfolio management strategy. The transaction enables ELF 2 to realise existing value and further optimise the portfolio with a view to its long-term development,” says Sebastian Schambeck, Associate Director of Portfolio Management at Savills IM.
“This off-market transaction underlines the quality of the portfolio and the appeal of this established logistics location. Thanks to our long-standing market presence and the experience of our on-the-ground team in Spain, we were able to identify a suitable buyer for the Zaragoza portfolio and carry out the sale process efficiently. At the same time, we are very active on the acquisition side, not only in the logistics sector but also in other sectors, and have several properties at an advanced stage of due diligence,” adds Tim Ulrich, Head of Transactions Germany, Austria & Switzerland at Savills IM.
Savills IM was supported in the transaction by Savills, acting as technical property manager for the larger property; Arcadis, acting as technical adviser for the property comprising the two separate logistics warehouses; and Addleshaw Goddard, acting as legal adviser.
