Logicor has invested in Finland for the first time, buying a stake in Certeum from Sponda and Varma Mutual Pension Insurance.

Blackstone’s European logistics subsidiary said it took a controlling stake in the company, which holds a 1.3m sqm portfolio.

The deal follows the company’s recent debut investment in a 156,000sqm portfolio in Belgium.

Mo Barzegar, chief executive and president at Logicor, said Finland had “strong underlying fundamentals and an improving macroeconomic environment”.

He added: “The assets are well-located and complementary to our existing portfolio, continuing our strategy of growing our customer offering by investing in key locations in close proximity to urban areas.”

The portfolio of 122 assets is spread across Finland, with around 75% in Finland’s largest cities including Helsinki, Tampere and Turku.

Logicor is also buying an 81,000sqm logistics park in Helsinki’s Vuosaari harbour.