Savills European Urban Logistics & Industrial Fund makes first acquisition
Savills Investment Management has acquired a light industrial park in Essen, in Germany´s Ruhr area, for its European Urban Logistics & Industrial Fund (EULIF).
The investment is the first acquisition for EULIF, which is targeting high-quality urban logistics and light industrial properties in densely populated logistics regions in Europe.
The seller is a joint venture of the Adolf Weber Real Estate and Project Development Company, which realized the inner-city business park in the last two years. The financial terms were not disclosed.
The two-building light industrial park in Essen was completed in July 2022 and was fully let to eight tenants immediately afterward. The property offers approximately 15,500 square meters (166,800 square feet) of lettable space that can be easily rented separately or combined, ensuring a high degree of flexibility. The property has a 24/7 operating permit and is in an ideal last-mile location, with only 5 kilometers (3.1 mil