Blackstone has acquired a €135m Finnish urban logistics portfolio from a joint venture between Nordic investor Nrep and Aktiivitilat.
The venture has sold the 133,000sqm Aktiivihallit Ky portfolio of 22 warehouses, with 80% situated in the Helsinki metropolitan area.
James Seppala, the head of real estate Europe at Blackstone, said: “We are excited to acquire this collection of well-located urban assets. Finland is one of our key logistics markets in the Nordics, especially Helsinki, where we continue to see low vacancy levels and strong demand for infill warehouse space.”
Joonas Lemström, head of Nrep Finland, said: ”Nrep’s joint venture with Aktiivitilat had a pioneering focus on the urban logistics segment, where we identified growing occupier demand, particularly in strong locations in Helsinki metropolitan area.
“Key to our investment strategy from the outset was finding a partner with a customer-oriented approach and the ability to implement sustainability-driven asset management initiatives, and in Aktiivitilat we found just that.”
Jukka Torvinen, CEO of Aktiivitilat AM, which acted as the portfolio’s asset manager, said: ”The urban logistics sector has delivered great opportunity for us. It requires a “hands-on” approach, active leasing, and always focusing on the customer’s needs. We are happy to see that this segment of real estate market is getting the recognition it deserves.”
Nrep was advised by JLL, Avance and PwC on the transaction. Blackstone was advised by Cushman & Wakefield, Roschier, PwC, Arcadis and Nova Ambiente.
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