Savills IM sells Zaragoza logistics portfolio to Atland off-market
The European Logistics Fund 2 sale covers two fully leased properties totalling about 834,200 sq ft, with the purchase price undisclosed.
At a glance
Savills Investment Management has sold two logistics properties in Zaragoza, Spain, to Atland Investment Management for its European Logistics Fund 2 in an off-market transaction, IREI reported.
By the figures in the announcement, the fully leased portfolio totals roughly 834,200 sq ft.
The Zaragoza sale follows Savills IM's September exit of two long-held European retail assets.
Savills Investment Management has sold two logistics properties in Zaragoza, Spain, to Atland Investment Management for its European Logistics Fund 2 in an off-market transaction, IREI reported. The purchase price was not disclosed.
By the figures in the announcement, the fully leased portfolio totals roughly 834,200 sq ft. The first property, built in 2009, covers about 543,600 sq ft leased to an international sporting goods retailer. The second, built in 2010, comprises two buildings of about 290,600 sq ft let to a national grocery retailer and a logistics services provider. Both sit in the Plaza logistics park, which the firm describes as offering road, rail and air connections to Barcelona, Madrid and other major Spanish markets.
Sebastian Schambeck, associate director of portfolio management at Savills IM, said the sale implements the firm's "active portfolio management strategy" and lets ELF 2 "realize existing value" and "further optimize the portfolio with a view to its long-term development." Savills IM manages about €7 billion ($8.2 billion) through European funds and mandates, ELF 2 among them, and €25.5 billion ($29.8 billion) globally.
The Zaragoza sale follows Savills IM's September exit of two long-held European retail assets.
| Property | Built | Area | Tenant |
|---|---|---|---|
| Zaragoza, Plaza park (property 1) | 2009 | approx. 543,600 sq ft | International sporting goods retailer |
| Zaragoza, Plaza park (property 2, two buildings) | 2010 | approx. 290,600 sq ft | National grocery retailer; logistics services provider |
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