London, 12 February 2019: The international real estate investment manager Savills Investment Management (“Savills IM”) has acquired a distribution centre in Belleville-sur-Saône, Lyon, France on behalf of its pan-European Logistics Fund (ELF 2). The transaction took place as part of an off-market deal.
The high-quality, 70,450 sqm distribution centre was completed last month and is centrally located within Lyon’s expanding logistics and transport hub, directly on the A6 motorway connecting Paris and Marseille. The property is leased on a long-term basis to the Dutch retail company Action. There is also a solar plant on the roof of the building which is leased to an experienced operator on a long-term basis.
Savills IM’s open-ended European Logistics Fund (ELF 2) invests in logistics properties of Grade A quality in core, liquid European markets. With equity commitments of over 510 million euros, the fund has significantly exceeded its target. Due to continuing high demand for products with a logistics focus, Savills IM is launching a successor fund with a similar focus in 2019.
Daniel Hohenthanner MRICS, Investment Director at Savills IM, says: "This is the thirteenth transaction we have made on behalf of our European Logistics Fund, ELF 2. Its central location in Lyon’s logistics hub and its long-term, quality tenants make it a perfect fit for our growing portfolio. The building can also be flexibly divided into up to ten units, which is ideal for subsequent lettings.
“We are also pleased to announce that we have secured further logistics properties in Poland, Germany and Sweden for the Fund."