Savills IM picks up 2 warehouses on Iberian peninsula
Savills Investment Management (Savills IM), an international real estate investment manager, has acquired two logistics warehouses from UBS Asset Management for 51.56 million euros.
The newly acquired assets represent the latest addition to Savills IM’s portfolio in the Iberian peninsula, which comprises a total volume of some 1 billion euros of assets under management.
The transaction represents a total of 34,970 sqm in GLA distributed across two logistics assets. Both warehouses are fully tenanted by logistics operator XPO Logistics and Cadyssa Douglas.
Built in the Logistics Park in Leganés in 2008, the assets are ideally located for domestic, international and e-commerce logistics operators, in Madrid's first logistics belt. They also offer direct access to the M-50 ring road, with quick links to all of the main regional and national highways.
Fernando Ramírez de Haro, Managing Director of Savills Investment Management for Spain and Portugal, said: “We are delighted to have completed this acquisition, which is a clear reflection of our significant investment interest and capacity in the Spanish and Portuguese logistics segment. Savills IM prioritises modern assets located near the main highways and transport networks and occupied by tenants on robust, long-term leases, allowing us to harness the potential offered by the sustained growth in e-commerce.”
Savills IM was advised on the transaction by Savills Aguirre Newman and the legal team at Eversheds Sutherland.