Two Germany-headquartered investment managers have closed on industrial deals in the Finnish city of Turku.
In the first deal, Meag, the global asset manager of the insurance company Munich Re and Ergo, purchased a prime logistics project in Runosmäki, Turku from YIT.
According to Meag's financial advisor, Catella, the property has excellent transport connections, lies a short drive from the centre of Turku and is close to the airport and two major ports.
The total floor area of the building will be approximately 8,800 m2. In addition to logistics and storage facilities, the building will also have office facilities.
Construction work started in August 2021 and the project is scheduled for completion in May 2022. The main tenant of the property will be Tunturi Oy.
'Together with Tunturi, we were able to build an entity that has attracted great interest from investors. Meag, with whom we have signed the contract, succeeded best in the international investor competition,' said Jukka Lämsä, Vice President at YIT.
In a second, seperate transaction, the Hansa Europe Logistic Fund managed by HansaInvest Real Assets acquired a modern logistics and warehouse property located in Turku harbour from private investors.
The property comprises 25,000 m2 lettable area, divided between warehouse, cross-dock and office. The property is fully leased to PostNord, serving as the firm's logistics and distribution centre.
CBRE acted as the seller’s sole commercial advisor and Astrea Attorneys at Law acted as legal advisor. Dittmar & Indrenius Attorneys at Law provided legal advice to the buyer.
Henrik Calton, head of capital markets, CBRE Finland, said: 'We are extremely pleased to complete this rare, high-quality logistics deal ahead of the holiday period. The interest the opportunity attracted was clearly unprecedented and fully in line with what we are seeing across Europe.
'The lack of quality product combined with very strong occupational market dynamics are supporting the high demand for logistics opportunities. Going into 2022, we do not see any slowing down in the sector, quite the opposite.'
