The international asset manager Savills Investment Management has acquired two logistics warehouses in Leganés from UBS Asset Management for a total of €51.6 million. This investment brings Savills IM’s total assets under management to €1 billion.
The assets in Leganés have a gross leasable area (GLA) of 34,969 square metres. They are leased to XPOLogistics and Cadyssa Douglas, respectively. It was built in 2008.
The previous owner, UBS, purchased the warehouse for €35.15 million in 2017, received a yield of 6% per annum. Given the high capital gain on the transaction, Savills IM is expected to underperform.
Savills IM was advised by Savills Aguirre Newman, Arcadis and the legal team of Eversheds Sutherland. UBS-AM was advised by Cushman & Wakefield, JLL and Dentons.