A SEK3.8bn (€365m) logistics joint venture between Sweden’s largest pension fund Alecta and local property firm Bockasjö has been sold to US sector specialist Prologis.
Bockasjö announced the deal yesterday, saying the portfolio of the Logistikfastigheter Sverige venture was being acquired by Prologis’ European fund Prologis European Logistics Fund (PELF).
Logistikfastigheter Sverige owns 11 properties with a lettable area of 295,000sqm, located in Helsingborg, Gothenburg - Hisingen, Gothenburg Landvetter Airport, Örebro, Västerås, Eskilstuna and Arlanda City, Bockasjö said.
“The deal is being carried out at an underlying property value of SEK3.8bn, which is a new record level in Sweden,” it said.
Joakim Hedin, chief executive of both Logistikfastigheter Sverige and Bockasjö, said: “When Alecta and Bockasjö in 2016 formed Logistikfastigheter Sverige AB, our common goal was to build up a stock worth 3 billion within five years.
“We have achieved that goal in half the time, while we have seen a strong value development in the last three years,” he said.
When his firm was offered the opportunity to sell to what was one of the world’s largest companies in the area — Prologis — Hedin said his team felt that the timing was right.
Thomas Dansk, chairman of the board of Logistikfastigheter Sverige and asset manager at Alecta, which has total assets of around SEK870bn, said the stock built up within Logistikfastigheter Sverige was one of the best in the market.
The properties were of the highest quality and located on the best logistics sites with AAA tenants, he said.