US asset management giant Brookfield has made its first real estate investment in Sweden by agreeing to acquire and develop two logistics sites as part of a joint venture with developer Panattoni.
The acquisition represents over 350,000 m2 of prime logistics space in the Greater Stockholm area. Financial details were not disclosed.
The projects are strategically located with access to excellent intermodal infrastructure providing last-mile access to a large customer pool, the buyer said.
‘This transaction is a milestone for our business, marking our first real estate investment in Sweden,’ said Dan Benhamou, senior vice president, Brookfield. ‘We look forward to partnering with Panattoni on the development of these two strategically-located projects and the creation of Stockholm West Logistics Park, leveraging our global experience of developing prime logistics facilities that include France’s EValley.’
Brookfield has significant experience in developing logistics parks, including the E-Valley in France with Catignac and the development of Magna Park with former portfolio company Gazeley. Brookfield is also in the early stages of developing Valdemoro in Madrid with Logistik.
The investment marks the latest in a series of investments by Brookfield which has built a 25 million sq ft portfolio across eight European markets in the last 18 months through a series of off-market transactions, forward funding opportunities and joint ventures.
Brookfield’s European real estate business comprises $50bn+ of assets across the UK and continental Europe.
