Savills Investment Management (Savills IM), the international real estate investment manager, has purchased two prime logistics properties in Dortmund, Germany, for approximately €140 million ($155 million) on behalf of a consortium of South Korean institutional investors.
The assets were acquired off-market from the Dubai-based Gulf Islamic Investments and Rasmala Investment Bank Ltd.
“With prime logistics yields continuing to fall to new record lows across all of Europe, careful stock selection is becoming even more critical,” said Jon Crossfield, head of strategic partnerships at Savills IM. “To acquire two new single-level units, let on long leases to Amazon in the Rhine-Ruhr, is rare and, in our view, reflect some of the best logistics real estate in Europe. We are delighted to have been involved and the assets are a great addition to SavillsIM’s growing AUM of prime logistics of over €4 billion [$4.4 billion].”
The assets have a total leasabl
