A German open-ended real estate fund managed by DWS has acquired logistics property in Jönköping, Sweden for €142m.

The 112,000sqm complex was sold by Savills Investment Management on behalf of its Nordic Logistics Club Deal fund.

It is leased to El-Giganten Logistik, one of the largest electronics companies in Northern Europe, on a long-term basis.

Its fully automated sorting and storage facilities enable efficient and high capacity operations serving Norway, Sweden, Denmark and Finland.

“This acquisition further expands our presence in Sweden and in the logistics sector,” said Ronen Ribak, head of real estate transactions for Europe at DWS. “We will continue to focus on assets with strong tenant profiles in well-established locations with access to large consumer markets across Europe.”

The Savills IM Nordic Logistics Fund was launched in 2014 and aggregated a portfolio of 12 properties in Sweden, Denmark and Finland and Norway with a volume of €400m.

Peter Broström, head of Nordics at Savills IM, said: “We capitalised on the strong market demand for large-scale logistics properties to sell this complex.

“Jönköping is one of the most important logistics locations in Sweden and has very low vacancy rates. We have realised the value of this fully and long-term let logistics complex in accordance with the strategy of the club deal fund in the interests of our investors.”