AXA IM Alts has paid NOK1.5 bn (€127.5 mln) for two prime Norwegian logistics buildings in one of the largest deals in the Nordics so far this year.
The acquisition of Project Falcon comprises Vestre Vanemvei 40 and Vestre Vanemvei 15, at Moss Næringspark. Both new state of the art warehouses were developed by the vendor, Fabritius Group and the deal is its largest ever.
Totalling 106,000 m2, the larger of the pair, Vestre Vanemvei 40, is 82,782 m2 making it one of Norway’s largest logistics facilities.
The properties have long-term leases with a WAULT of approximately 11 years. No 40 is let to Europris, Norway’s leading discount variety retailer, which is listed on Oslo Stock Exchange. No 15 which comprises 23,211 m2 of flexible logistics space is let to JAS Worldwide, an international freight forwarding and logistics provider in Norway.
Moss Næringspark is located south east of Oslo close to important transportation hubs like highway E6, the main axis between Norway and Sweden, Port of Moss and Norway’s first dry port.
Asgeir Solheim, CEO of Fabritius, said: ‘We are pleased to complete Fabritius’ largest transaction ever. We take great pride in the development of these buildings in collaboration with our tenants, Europris and JAS. Fabritius remains committed to its ambition to grow within development of warehousing and logistics in Eastern Norway, and this sale strategically positions us for further expansion in this sector.’
Colliers – which last year acquired Nordic broker and capital markets specialist Pangea Property Partners, acted as sell-side advisor. Føyen was the legal advisor to the seller in the transaction.
