Savills IM expands European logistics fund with Spanish acquisition

Savills IM has added a prime logistics facility near Valencia, Spain to its European logistics fund. 

Logistics park Manises

The 19,284 m2 Logistic Park Manises, acquired from developer Scannell Properties for over €20 mln, is a Grade A building with strong sustainability credentials (BREEAM "Very Good").
The newly-constructed facility features 20 loading docks, ancillary offices, and plenty of space for heavy goods vehicles.
Speculatively developed in 2023, it is fully leased long-term to a major international logistics operator. 
The property's strategic location in the La Cova industrial estate provides excellent access to transport links, being 5km from Valencia Airport, 16km from the city centre, 24km from the port, and directly connected to the A3 and A7 motorways.
Gerhard Lehner, head of Germany at Savills IM, said: “With this purchase near Valencia, we have added another property with strong fundamentals and sustainability qualities to the portfolio. The asset is situated in an attractive urban location, adopts a flexible use of space and is let to a tenant with a strong credit rating. Even if the environment remains volatile, we are seeing opportunities in the European logistics market. We remain highly selective in our acquisition strategy for our funds and mandates in the sector, with a focus on attractive risk/return profiles.”
Javier Inchauspe, managing director Spain at Scannell Properties, commented: “Logistic Park Manises has attracted the interest of many logistics real estate investors who are seeing great potential in Spain’s third largest city. As a modern and sustainable warehouse with a first-class tenant, this property represents a strong investment for Savills IM and we thank them for a highly cooperative sales process.”
Valencia's logistics market is thriving, with high demand and limited supply. 
This acquisition brings the fund's portfolio to 19 assets across seven countries, totaling approximately €730 mln with a 98% occupancy rate.
Savills IM was advised on the deal by Baker McKenzie (legal), Arcadis (technical), PwC (tax and structuring), and JLL (commercial). Scannell Properties was advised by Gómez-Acebo & Pombo.