The logistics operating platform of Nordic real estate specialist NREP has acquired a NOK3bn (€280.2m) food distribution centre in Norway from Møller Eiendom and Stokke Industri.

NREP Logicenters has bought the 84,800sqm property near Oslo Airport Gardermoen leased to grocery chain Coop. 

The partnership between Møller Eiendom and Stokke Industri has owned and developed the property since it was finalised in 2015. An ongoing expansion is expected to complete early next year.

Jens Petter Hagen, partner at NREP Norway, said: “This acquisition is the single largest investment we have made in logistics and it is also the latest addition in our ambition to further expand NREP’s presence in Norway.”

Hagen said this is a long-term investment for NREP, and ”we are looking forward to continue the value creation at Gardermoen and be a supportive partner for Coop”.

Matthias Kettelhoit, head of Logicenters, said: “I am very proud to announce the off-market acquisition of this first-class logistics facility at one of Norway’s most attractive logistics hubs. It is in line with our long-term strategy to acquire properties of this particular quality.

“It is not a coincidence that the two largest logistics facilities in our property portfolio, this one and one in Bålsta, will be used by companies in the grocery segment. This is an industry which is less affected by market cycles than other industries as there will always be a demand for food.”

Thomas Sletten, CIO at Møller Eiendom, said: “We are very pleased to have reached an agreement with a buyer as solid as NREP, who will take good care of this property and the tenant, Coop. This is a high-quality asset, and naturally, it has been a lot of interest from both Norwegian and international investors.”

Geir Løseth, partner at Stokke Industri, said: “We invested as partners in 2015, and we had a five-year perspective.

“We have developed the property in the period, and now the time has come to sell. This is an ordinary step for us as developers.”

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