Norway’s municipal pension fund KLP has acquired a NOK1.8bn (€163m) fully-let domestic logistics portfolio from Urban Partners via its real estate division.

KLP Eiendom has acquired the newly built, 98,000sqm portfolio comprising four logistics assets in Vestby and Moss, in a deal that marks Norway’s largest logistics transaction this year.

Jens Petter Hagen, partner and head of Urban Partners Norway, said: “We are pleased to complete the sale of this portfolio to KLP Eiendom. The assets reflect Urban Partners’ strategy of developing modern, future-proof logistics properties in strong locations for high-quality tenants.

“The strong interest throughout the process underlines the continued demand for well-located logistics assets with a resilient tenant base and long lease terms. We are delighted that the portfolio will be owned by KLP Eiendom, a well-respected Norwegian institution with a strong long-term track record.”

Tov Sønsterud, investment director, KLP Eiendom, said: “This is an investment that strengthens our position in a growing and attractive logistics segment.

“With a strategic location and efficient distribution capabilities both nationally and internationally, we believe this represents a solid investment for our owners in the municipal and healthcare sector in Norway”

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