Logistics real estate fund gets involved
Savills IM acquires distribution center in Straubing
The real estate investment manager Savills Investment Management (Savills IM) has acquired a Grade A distribution center in Straubing-Sand (Bavaria) for the pan-European Savills IM European Logistics Fund 2 (ELF 2) that it manages. The seller of the logistics property is CBRE Global Investors. The parties have agreed not to disclose the purchase price. Savills IM was advised by Mayer Brown LLP and Arcadis, among others.
The distribution center, completed in 2003, has around 36,500 sqm of rental space as well as 60 car and 25 truck parking spaces. The property is located in the strong economic region of Straubing between the metropolitan regions of Munich and Regensburg. Straubing-Sand is an established industrial area with trimodal transport connections (road, rail, water). The property benefits from a direct connection to the rail network, which is only the case for a few properties in this logistics location. The connection to the federal road and highway network (A3/A93) is also very good. This enables short transport routes both regionally and nationally, as well as to the neighboring countries of Austria and the Czech Republic to the southeast. The property is fully let to Encory GmbH, a joint venture between the BMW Group and the ALBA Group. Further properties will be transferred to the fund in the near future.
Daniel Hohenthanner MRICS, Director Investment at Savills IM, comments: "We are delighted to have acquired another first-class distribution center for our logistics fund with this purchase. The property fits in very well with our strategy and contributes to the further diversification of the fund in terms of location and tenant profile. Due to the very good transport options by road, rail and water, we consider the location to be very attractive for a large number of potential users in the long term."
The open-ended special fund Savills IM European Logistics Fund 2 has been placed. It invests in logistics real estate with Grade A property quality in the liquid European core markets. With equity commitments of over 530 million euros, the fund has significantly exceeded its target. With this acquisition, the fund's portfolio has grown to 14 properties in five countries.
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