Allianz Real Estate and CBRE Global Investment Partners (GIP) have partnered to buy a SEK4bn (€390m) Nordic logistics portfolio.

The portfolio, which consists of eight properties in Sweden and Denmark, was acquired through a Norwegian fund.

The Norwegian fund will be managed by Oslo-based alternative investment manager NRP and will focus on logistics properties in the Nordics, with a mandate to grow the portfolio with new acquisitions.

In total, the assets offer a lettable area of more than 400,000sqm leased out on long-term leases.

The portfolio has been built up by NRP and was previously owned by a combination of direct investors and two funds managed by NRP.

Hugues Braconnier, the head of logistics at Allianz Real Estate, said: “The portfolio is a good platform for continued growth in the Nordics. It is diversified, with solid long lease contracts and a definite potential to create further value.”

Alexander van Riel, the head of continental Europe at CBRE GIP, said: “The portfolio holds high quality long leased assets at strong micro-locations in the Nordics region. We are confident that the NRP platform is well placed to manage and expand this portfolio”

Eirik Forthun, a partner and fund manager at NRP Asset Management, said: “We firmly believe this portfolio will continue to generate dividends and long term value for investors, and look forward to cooperating with Allianz and CBRE GIP.”