International real estate investment manager Savills Investment Management has sold two logistics properties in Zaragoza, Spain. The sale was executed as an off-market transaction on behalf of the European Logistics Fund 2 specialised fund. Atland Investment Management acted as the purchaser of the standing assets. The parties have agreed not to disclose the purchase price.
Together, the divested properties comprise approximately 77,500 square metres of lettable space. The larger asset was completed in 2009, offers around 50,500 square metres of lettable area, and is fully leased to an international sporting goods manufacturer. The second property, built in 2010, comprises two physically separate logistics units totalling roughly 27,000 square metres, let to a food retailer and a logistics service provider.
Trimodal freight hub in Spain
Both properties are located in the established Plaza logistics park in Zaragoza, which ranks among the most important transport hubs on the Iberian Peninsula. The location is distinguished by its trimodal links to rail, road, and air networks. Positioned geographically at the centre of the Spanish logistics market, the park provides direct transport links to the major economic conurbations of Madrid and Barcelona, as well as connections between northern and southern Spain.
According to Sebastian Schambeck, Associate Director Portfolio Management at Savills IM, the sale reflects the consistent execution of active portfolio management. The disposal allows the fund to crystallise value generated over the years and strategically realign the overall fund portfolio with a view to long-term development.
Market presence and advisory structure
Tim Ulrich, Head of Transactions Germany, Austria & Switzerland at Savills IM, highlighted the quality of the assets and the significance of local market presence. He noted that the long-standing experience of the local team in Spain had contributed substantially to identifying the right investor and completing the structured sales process. Ulrich also emphasised that the investment manager remains active on the acquisition side not only in logistics but across other asset classes as well, with several properties currently in advanced due diligence.
On the sell side, Savills IM was assisted by technical and legal advisors throughout the process: Savills took charge of technical property management for the larger building, while Arcadis served as technical advisor for the asset comprising two warehouse sections. Legal advice was handled by the law firm Addleshaw Goddard.
