Savills Investment Management has acquired a logistics hub in Spain on behalf of its European Logistics Fund 2 (ELF 2) for €40 million ($45 million).
The asset, located at Plaza Logistica in Zaragoza, is fully leased to Decathlon, the sporting goods retailer. It covers a gross leasable area of approximately 50,520 square meters (543,792 square feet) and lies on a plot of more than 90,000 square meters (968,751 square feet).
With an average height of 12 meters, the asset was built in 2011 and is made up of two separate areas, including one with six modules and the other with two, connected by a reception and office building. Its location facilitates excellent connections with key Spanish cities.
“Our investment aim from now until the end of 2019 is to focus on building a €1.2 billion [$1.3 billion] portfolio in the Iberian Peninsula, and we believe that logistics assets will be key for this growth strategy,” said Fernando Ramírez de Haro, managing direct
