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Savills IM acquires three Spanish Amazon distribution warehouses

Jenny Pizarro • 13/02/2022
Savills Investment Management (‘Savills IM’) the international real estate investment manager, today announces the acquisition of a portfolio of three logistics asset in Spain let to Amazon, on behalf of its Vestas European Strategic Allocation Logistics Fund (‘VESALF I’ or ‘the Fund’) from Roebuck Asset Management (“Roebuck”) and GFH Financial Group (“GFH”) (together, “the Vendors”).

Madrid, 15th February 2022. 

Savills Investment Management has completed the acquisition of a portfolio of three last-mile distribution warehouses let to Amazon in Spain from Roebuck Asset Management and GFH Financial Group on behalf of its discretionary logistics fund.

• The fund now has exposure to Dutch, Polish, French, UK and Spanish markets
• The overall transaction volume is c.EUR 95m, with financing provided by ING

The properties are located across Spain in Alicante, Murcia and Valladolid, with a total warehouse GLA of 23,220 sqm. The Alicante property is located in the established logistics area of Mercalicante, 4km to the west of Alicante city, which has a population of c. 300k. The Murcia property is located in the municipality of Corvera, within the logistics plot of “El Merino”, also known as “Parque del Sureste”. It sits in the A-3 motorway, between Murcia (20km) and Cartagena (20km) which are the two most populated cities in the region of Murcia. Valladolid is in the north western territory of Spain and has a strategic position within Spain, being 190 kilometres from Madrid, and well connected to other important cities such as Palencia, Burgos or Salamanca through the A-60 and A-62 highways.

Spanish developer Hispavima has developed the built-to-suit facilities for Amazon and the portfolio has an average WAULB of c. 12.85 years. The Alicante and Valladolid properties will be certified BREEAM at the Very Good level.

Savills IM were advised by Ashurst (tax and legal); Savills Aguirre Newman (technical and environmental) and BNP Paribas (commercial), with ING financing the transaction.

The Vendors were advised by Dentons (legal) and Cushman Wakefield (CMG Business Space).

Alistair Ennever, Head of Industrial & Logistics – Europe, Savills Investment Management, commented:

“We are delighted with the acquisition of these ‘last mile’ facilities situated in key local markets for the occupier. We have always retained an ambition to add a Spanish component to VESALF I, given our positive outlook for the market. The combination of these new buildings plus the length of income made this portfolio an excellent fit. We look forward to retaining these assets for the long-term. By closing this investment the fund is now over 90% invested in just over 12 months since launch in November 2020 and we are pleased to have been able to deploy this capital for Vestas and their investors in such a short space of time. It has been a pleasure to transact with GFH and Roebuck who have proved to be an excellent counter-party.”

 

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