Barings has bought a logistics asset in Finland’s capital for €86m from NRP.
The diversified real estate investment manager said it acquired the asset in Helsinki on behalf of a pan-European core strategy.
The asset, located in Hyvinkää, comprises a logistics facility with a gross lettable area of 40,000sqm and 170,000sqm of outdoor dispatching and storage space, which is fully let to Onninen, Finland’s market leader in technical wholesale services. The site also has over 100,000sqm of unused building rights and site coverage of around 19%, allowing the potential for future development opportunities.
Thorsten Slytå, managing director, head of Nordics at Barings, said this acquisition presented an exciting opportunity to acquire a logistics centre, which is mission-critical to the occupier, in an excellent location in the Helsinki region.
“Additionally, this acquisition strengthens our existing relationship with the Onninen, following our acquisition of their central warehouse in Örebro Sweden, at the end of last year. In the Nordics, we have deployed €300m across seven logistics transactions over the last 12 months.”
Gunther Deutsch, managing director, head of real estate transactions – Europe at Barings, said: “Our ambition is to expand our logistics footprint further in the Nordics, and across Europe where we have completed or are in exclusivity on €650m of logistics acquisitions in 2021.
“These investments are across the risk spectrum from core to value add, with forward speculative developments representing a significant share. The logistics sector remains one of our key conviction calls across our markets, including the Netherlands, UK, Germany, France, Italy and Spain.”
To read the digital edition of the latest IPE Real Assets magazine click here.