Savills Investment Management (Savills IM) has acquired a logistics complex in Ansbach, Germany from ECE Projektmanagement. The parties have agreed not to disclose the purchase price.
The state-of-the-art building includes a distribution centre and trans-shipment hall with a total rental space of around 76,000 sq m.
The logistics complex in Ansbach was acquired on behalf of European Logistics Fund 2 (ELF 2), which owns 25 properties across six countries. ELF 2 was closed to new investors at the beginning of 2019 after raising EUR 560 million in equity commitments, more than twice the targeted amount of EUR 250 million.
“Despite the challenges posed by the coronavirus pandemic, the logistics complex was completed on schedule and the purchase agreement was successfully executed. This was a great achievement on the part of all parties involved and we would like to thank the seller for the successful execution of this transaction. We are pleased we were able to secure this high quality new logistics building in Ansbach for our investors in the in-demand German market. Online trading has gained further momentum in the wake of coronavirus, and such XXL distribution centres are likely to be in even greater demand in the future than was previously the case,” said Daniel Hohenthanner MRICS, Director Investment and Fund Manager of ELF 2 and 3, Savills IM.
“Our logistics platform, which was initiated in 2014, currently includes assets across more than 10 European countries. All our funds and managed accounts that have purchased logistics assets have outperformed their respective benchmarks. In view of the continued strong performance of the sector within the current uncertain climate, together with its long-term lease to a company with a strong credit rating, the property is an ideal addition to the ELF 2 portfolio,” added Kiran Patel, Global CIO and Deputy Global CEO, Savills IM.
