Barings has agreed to acquire the newly built Sörred Kubiklager logistics asset in Gothenburg, Sweden, from multinational construction and development company Skanska, in an off-market deal worth €26 mln. The acquisition was carried out on behalf of a core investment strategy.
The facility comprises 20,100 m2 of space, which can also be subdivided into one to four units ranging from 3,500 to 6,500 m2. The asset has been constructed to a high quality specification, including office space, roof-mounted solar panels, 23 loading docks and 58 parking spaces, as well as meeting the requirements of the EU’s GreenBuilding programme. The asset’s first tenant Facil, a global full-service provider of fastening solutions will move into its space during the second quarter of 2021.
Thorsten Slytå, managing director and head of Nordics at Barings, commented: ‘This transaction has secured a high quality logistics asset with significant income and value creation potential. Discussions with potential occupiers are already underway, with the asset benefitting from a strong location in the foremost logistics hub in Sweden, which offers excellent transport links to the wider Nordic region. The potential to divide the asset into smaller units also provides flexibility and allows us to provide modern and sustainable space that meets the needs of future occupiers in a market where new supply is constrained.’
2020 was an active year for Barings in the Nordics, where it invested €230 mln into offices and logistics across both core+ and value add risk profiles. ‘We anticipate that 2021 will be another busy year as we aim to deploy €400 mln across the Nordics mainly in logistics, CBD offices with repositioning potential and in the residential sector. Within these segments we will review core, core+ and value add opportunities,’ he said.
Gunther Deutsch, managing director, head of Real Estate Transactions – Europe at Barings, added: ‘This acquisition represents the third logistics transaction and sixth asset we have secured in Sweden over the last 12 months and shows our commitment to the Nordic markets and this sector, which remains a strategic priority for us in 2021 due to the structural growth drivers including the rise of ecommerce. ‘
Barings has just raised its European target investment volume for logistics to €900 mln for 2021 across its covered regions, which include the Netherlands, Germany, the UK, Italy, France and Spain.
Pangea Property Partners acted as financial advisors to Barings.
