Nordic real estate investor Nrep has sold a Finnish urban logistics portfolio to funds managed by Blackstone for €135 mln.
The ‘Aktiivihallit Ky’ portfolio comprises 22 warehouse properties with a total leasable area of approximately 133,000 m2. 80% of the properties are located in the Helsinki metropolitan area.
'We are excited to acquire this collection of well-located urban assets. Finland is one of our key logistics markets in the Nordics, especially Helsinki, where we continue to see low vacancy levels and strong demand for infill warehouse space,' said James Seppala, head of real estate Europe, Blackstone.
Aktiivihallit Ky is a joint venture between Nrep and Aktiivitilat, a Finnish real estate asset and investment management company, with a strategy to invest in light industrial premises within urban locations, including warehouses and small industrial facilities.
The joint venture managed the portfolio to enhance the sustainability profile of the properties and lease the premises to high quality tenants. Aktiivitilat AM Oy acted as the portfolio’s asset manager.
Joonas Lemström, head of Nrep Finland, said: 'Nrep’s joint venture with Aktiivitilat had a pioneering focus on the urban logistics segment, where we identified growing occupier demand, particularly in strong locations in Helsinki metropolitan area.
'Key to our investment strategy from the outset was finding a partner with a customer-oriented approach and the ability to implement sustainability-driven asset management initiatives, and in Aktiivitilat we found just that.
'Our active asset management has considerably improved the sustainability credentials of the portfolio and successfully leased premises to an attractive tenant base. The disposal, which aligns with our intended business plan, is one of the most significant transactions undertaken by Nrep in Finland in recent years.'
Nrep was advised by JLL, Avance and PwC on the transaction. Blackstone was advised by Cushman & Wakefield, Roschier, PwC, Arcadis and Nova Ambiente.
