Aberdeen Standard Investments has extended its commitment to the Swedish logistics sector with a €40m acquisition.

The asset manager said, on behalf of the Standard Life Heritage With Profits Fund, it has acquired a 43,000sqm logistics centre in Örebro from Pilängen Logistik.

The logistics warehouse is fully let to Norwegian sports retailer XXL on a long lease with over 10 years remaining.

Craig Thomson, a fund manager at Aberdeen Standard Investments, said: “The rapid expansion of online shopping is driving strong performance in the Swedish logistics sector, which is a key focus for the fund as part of our strategy to deliver stable, long-term income.

“Örebro’s unrivalled position as a logistics hub makes this a prime investment opportunity. There is clear potential for active asset management, such as extending the site to accommodate XXL’s thriving and rapidly expanding e-commerce business.”