The developer and seller is ECE Projektmanagement (ECE), which is realizing the entire project from planning to turnkey handover. The transaction is a forward commitment. The parties have agreed not to disclose the purchase price. The property will be transferred to the ELF 2 portfolio following completion in spring 2020.

The ultra-modern logistics complex includes a distribution center and a transshipment hall with a total rental area of around 76,600 sqm. The logistics location of Ansbach in the west of the Nuremberg metropolitan region is becoming increasingly important - not least due to its direct connection to the A6 highway, which forms an important east-west link between the metropolitan regions of Nuremberg, Stuttgart and Rhine-Neckar. The property is fully let to Otto (GmbH & Co KG) for a term of 20 years from completion. The logistics complex will serve as an extension of the strategic infrastructure for two Hermes Group companies and will focus on the logistics handling of furniture, large electrical appliances and other bulky goods. DGNB Gold certification is being sought.

ECE was legally advised on the transaction by trûon Rechtsanwälte, Savills IM was legally advised by Jones Day. BNP Paribas Real Estate brokered the transaction. E&G Real Estate acted as broker for the purchase of the land by ECE. The financing bank for the logistics transaction is Münchener Hypothekenbank eG.

Daniel Hohenthanner MRICS, Director Investment at Savills IM, says: "We are delighted that we have been able to secure this high-quality new logistics building in Ansbach for our investors in the highly sought-after German market. XXL distribution centers with space from 50,000 sqm upwards are enjoying high demand due to the continuous growth in online trade - and this demand will continue to rise. This is already our seventh logistics acquisition this year, and further properties are already at an advanced stage of the acquisition process. We are also in the process of identifying further investment opportunities in the logistics sector as well as in the office and retail asset classes for other funds."

The open-ended special fund Savills IM European Logistics Fund 2 has been placed. It invests in logistics properties with a Grade A property quality in the liquid European core markets. Due to the great success of the placement, a follow-up product is in preparation.