The transaction comprised three assets, including DSV’s global headquarters office building, originally constructed in 2015 and currently undergoing a 10,500 sq m extension; a cross-dock logistics facility used by DSV’s Road division; and a new warehouse asset completed in December 2019, which will serve clients of DSV’s Solutions business. All of the buildings are located in Hedehusene, c. 30km west of Copenhagen, and will be leased back to DSV on long-term commitments.
The acquisition follows on from a two-year stretch in which Savills IM has more than doubled the amount of logistics assets it has under management, rising from EUR 2bn at the start of 2018 to over EUR 4bn today. The firm also recently placed sixth in the IPE RE rankings of managers by logistics assets under management.
This latest acquisition brings Vestas IM’s European logistics AuM to c. EUR 1bn, of which c. EUR 470m is in partnership with Savills IM.
"We are delighted to have acquired these high quality and strategic assets on behalf of Vestas IM and their investors. We have been seeking the right opportunity in the Nordics to leverage our strong local presence and our international fundraising capability, which combined to bring this transaction together. We are very pleased to have concluded another transaction with our partners at Vestas IM and look forwards to doing more together in 2020. We have concluded multiple transactions with DSV, and this latest acquisition represents our continued belief in their business and long-term occupation, as well as the logistics sector in general. Pricing and investor demand for logistics shows no sign of weakening, and we remain convinced by the sector’s growth story and strong income fundamentals," says Alistair Ennever, Senior Transaction Manager, Savills Investment Management.
"This transaction is one of the larger transactions of its kind in Denmark in recent years and has all elements of a multijurisdictional and complex cross-border deal with multiple work streams and several layers of documentation. We are extremely proud to have represented and advised our legacy client Savills IM, and Vestas IM and their investors on this portfolio of high quality assets, and are looking forward to continued cooperation," says Steen Puch Holm-Larsen, Partner, Bech Bruun.
"We are proud to assist our clients Savills IM and Vestas IM with this very interesting project. The transaction confirms our view that Denmark is enjoying an increase in international investor appetite. The transaction demonstrates our approach to follow our international clients further into their target markets, including the Nordics," says Michael Kröger, Head of International Real Estate Finance at Helaba.
Savills IM / Vestas IM were advised by Bech Bruun, PwC, Nordicals and Niras, with Helaba acting as sole lender and underwriter, being advised by DLA Piper Denmark.
DSV was represented in the transaction by SIRIUS advokater.