Savills buys three last-mile warehouses for €95M

Savills buys three last-mile warehouses for €95M

The real estate investment manager Savills Investment Management has closed the acquisition, on behalf of its Vestas European Strategic Allocation Logistics Fund (VESALF I), of a portfolio of three logistics assets in Spain that Roebuck Asset Management and GFH Financial Group had leased to Amazon .

The properties are three Last Mile logistics warehouses and are located in Murcia, Alicante and Valladolid. They have a total gross leasable area (GLA) of 23,220 sqm, have an average rental period of 12.85 years and will be certified by BREEAM as "Very good".

The global amount of the transaction is around 95 million euros.

Roebuck bought these assets in 2020. Only a year later it has found a buyer and has closed the operation with capital gains of 17% on the total investment. The idea was to obtain that profitability in a longer period of time, but the offer arrived earlier than expected. Neither the buyer, nor the price paid are know.

Nael Mustafa, GFH's co-chief investment officer, explains: “We still believe in the general fundamentals of investing in logistics assets. Our investment in Amazon's last-mile fulfillment warehouse portfolio has delivered the targeted return and desired capital appreciation. Amid favorable market conditions, we have decided to make a timely and profitable early exit to ensure a strong return for investors.”

Roebuck's intention was not to sell in such a short period of time, but the investment frenzy for logistics precipitated the exit of the company of French origin.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!