Savills Investment Management is paying €72 million for three logistics properties in France, acquired on behalf of its European Logistics Fund 3. The deals brings the ELF 3 portfolio to 15 properties in five countries.
The new assets include a 12,300 sq m inner-city cross-dock facility in Dijon which serves the last mile market.
The building is leased to a leading online retail company and holds a BREEAM Very Good new construction certificate.
Savills IM also acquired two fully refurbished logistics properties with a total of around 21,700 sq m In the greater Toulouse area. These are let long-term to a logistics service provider and a public institution. They are located in the logistics corridor in the Occitanie region, which connects Rennes/Nantes with Bordeaux and Toulouse. BREEAM in-use certification is being sought.
Savills IM was advised on the transactions by BNP Paribas Real Estate.
Daniel Hohenthanner MRICS, director investment at Savills IM said: “In the current challenging market environment, we are looking even more closely at potential investments. Properties such as these in Dijon and Toulouse, which are all located close to the city to serve the last mile, have high ESG standards and are let long-term to tenants with strong credit ratings, we are convinced that they are sustainable and defensive investments that complement the portfolio of our ELF 3 very well.”