Barings, one of the world’s largest diversified real estate investment managers, announces that it has acquired four logistics assets in Norrköping, Sweden, one of the Nordics’ most important logistics hubs, on behalf of institutional investors, for c. €92 million through a sale and lease back agreement.
The portfolio comprises c. 122,000 sq m of net lettable space and is fully occupied by PostNord TPL AB, a Swedish and Danish government owned third party logistics provider. Two units, representing 75% of the total income, offer prime Grade A space and are let on long, 15 year leases, whilst the remaining two assets are let on terms with 4 years remaining, presenting an potential opportunity to refurbish this space and grow ERV.
Norrköping is the fourth largest metropolitan area in Sweden and is home to the Port of Norrköping. The city, which is located close to Stockholm and other important submarkets, such as Gothenburg and Malmö, also serves as a crossroad for the E22 and E4 motorways with 40% of the population, or 4 million people accessible within 2.5 hours.
Barings manages a portfolio totalling approximately 16,500 sq m in Scandinavia across a range of sectors including offices, retail and residential with approximately 25,000 sq m of space currently under construction in Stockholm and, following this latest acquisition, a 122,000 sq m logistics portfolio. Barings’ investment strategy in the region is focused on logistics investments in the top ten logistics locations in the Nordics; selected office assets with turn around potential in the Nordic capital cities; and high quality residential buildings located in attractive commuter areas near to Stockholm, Copenhagen and Helsinki.
Source : Barings Real Estate