The international real estate investment manager Savills Investment Management has sold two logistics properties in Zaragoza, Spain. The sale was executed on behalf of the specialist fund European Logistics Fund 2 in a structured off-market transaction to Atland Investment Management. The parties involved have agreed not to disclose the purchase price.
The sold portfolio comprises a total of around 77,500 square metres of lettable logistics space at a strategically important hub on the Iberian peninsula. The first property was built in 2009 and offers a lettable area of approximately 50,500 square metres. This building complex is fully let to an international sporting goods manufacturer.
The second part of the portfolio dates from 2010 and consists of two structurally separate logistics warehouses with a combined lettable area of around 27,000 square metres. These units are leased to an established food retailer and a commercial logistics service provider. Both properties are fully let and feature an established tenant structure.
Strategic location in the trimodal Plaza logistics park
Both properties are located in the renowned Plaza logistics park in Zaragoza, one of Spain's most important freight hubs. The location benefits from trimodal connections to road, rail and air transport. Geographically, Zaragoza profits from its central position within the national transport network, offering rapid links to the metropolitan regions of Madrid and Barcelona as well as to economic centres in northern and southern Spain.
Sebastian Schambeck, Associate Director Portfolio Management at Savills IM, places the move within the ongoing portfolio strategy. The disposal allows the fund to realise existing values in the market and selectively optimise overall performance with an eye to long-term development.
Active portfolio management and advisers involved
According to Tim Ulrich, Head of Transactions Germany, Austria & Switzerland at Savills IM, the successful off-market sale underlines the sustained institutional demand for prime logistics locations. The transaction demonstrates the capability of local investment teams in identifying suitable buyers. At the same time, the firm remains active on the acquisition side and is currently reviewing several assets across various sectors.
- —Technical property management (large asset): Savills
- —Technical advisory (two-hall complex): Arcadis
- —Legal advisory to the seller: Addleshaw Goddard
