Global real estate investment management advisor BentallGreenOak (BGO) has made its debut in Sweden's logistics market with the acquisition of a property in Malmö from Nordic fund manager Genesta.
Financial details were not disclosed.
The 19,600 m2 logistics asset is located in Malmö Industrial Park, the new logistics centre of the Öresund region, close to railway, harbour and highways, as well as Malmö city.
It was completed in 2018, and is built to high, modern specifications. It is mostly leased to two Swedish tenants, with around 5,400 m2 available for leasing.
Toby Phelps, managing partner and head of European equity at BGO, said: 'We consider the Nordic region to be an attractive place to invest, based on its strong economic fundamentals and highly liquid real estate markets.
'We will continue to work to identify high quality properties in major cities and logistics nodes across Denmark, Finland, Norway and Sweden and hope to further establish our position in these markets.'
Genesta acquired the asset in February 2019, before upgrading it with tenant improvements and higher sustainability performance. In 2020, the property was awarded Breeam in-use Very Good certification.
Said Genesta’s CEO, David Neil: 'We are pleased with how we have managed to improve the property during our hold. It shows we continue to execute our strategy to develop sustainable and efficient properties that offer inspiring spaces for our tenants and generate value for our investors.
'We continue to look for attractive opportunities in Malmö and across the Nordics.'
The acquisition forms part of BGO’s continued expansion into the European logistics market and is its second investment in the Nordic region, following its NOK 1.5 bn (€147 mln) investment into Bulk Infrastructure, a leading Nordic developer of logistics, data centres, and fiber networks, in 2020.
Since 2015, BGO has acquired or developed approximately 150 logistics assets, comprising more than 5 million m2.
BGO was advised by JLL, Mannheimer Swartling, PwC, and WSP.
Cushman & Wakefield and Roschier advised Genesta.
