EQT Real Estate, the Stockholm-based alternative investment firm, has acquired a 21-asset portfolio of urban logistics properties in Stockholm and surrounding cities from local investor Kvalitena AB.
Financial details of the off-market deal were not disclosed.
Kvalitena will retain a majority stake in the portfolio, continue to asset manage the properties, and look to expand the portfolio alongside EQT. According to EQT, the 85,000 m2 portfolio is 'well diversified and offers value creation potential through lease re-gears, light CAPEX and energy optimisation programmes'.
Henrik Orrbeck, managing director at EQT Partners said: 'The portfolio very well accentuates the focus of EQT Real Estate – buying and building real estate portfolios around selective investment themes and transforming them to high-quality platforms offering long-term risk-adjusted returns to institutional investors.
'EQT has a detailed plan for each property and looks forward to launching these initiatives together with Kvalitena.'
The investment is EQT’s twelfth to date and fourth in Sweden. The asset are located in established industrial zones close to the city centres of Stockholm and six university cities in central Sweden, the firm said.
'This off-market transaction represents a rare opportunity to build a platform around the supply-constraint urban logistics sector with an experienced partner,' said Robert Rackind, partner and head of real estate at EQT Partners.
'The acquisition is in line with EQT Real Estate’s strategy to future-proof cities by providing flexible warehouse space to expansive e-commerce, distribution and exportation-driven industrial firms,' Rackind added.
EQT was advised on the acquisition by Linklaters, Wigge & Partners, ÅF Consulting, Svalner and Amblin.
