A partnership between local developers Møller Eiendom (60%) and Stokke Industri (40%) has sold one of Europe’s most sophisticated distribution centres to NREP Logicenters for NOK 3 bn (€280 mln).
The deal – the single largest logistics transaction in the Nordics ever – is said to have set a record low yield for Norwegian logistics assets of 3.9%, according to well-informed market sources.
The 84,800-m2 property near Oslo Airport Gardermoen is a mission-critical food distribution centre occupied by Coop, which is the second largest grocery chain in Norway.
The property is fully let on a 20-year triple net lease contract with full annual CPI-adjustment.
Møller Eiendom and Stokke Industri have owned and developed the property since its delivery in 2015.
‘We are very pleased to have reached an agreement with a buyer as solid as NREP, who will take good care of this property and the tenant, Coop. This is a high-quality asset, and naturally, it has been a lot of interest from both Norwegian and international investors,’ says Thomas Sletten, Chief Investment Officer at Møller Eiendom, which is owned by the Aars family.
The disposal process for the asset, known as Project Viking, started nine months ago and despite the pandemic there has been an enormous interest from a global audience, according to Bård Bjølgerud, CEO & Partner in Pangea Property Partners. ‘More than 100 investors have shown interest in this property, and about 40 have actively been working with this unique investment case, which highlights the attractiveness of both the property itself and the Norwegian property market. The transaction of this high-quality asset is the largest transaction of a single logistics property in Norway and the Nordics and one of the largest in Europe ever.’
'We invested as partners in 2015, and we had a five-year perspective. We have developed the property in the period, and now the time has come to sell. This is an ordinary step for us as developers,’ adds Geir Løseth, partner at family-owned Stokke Industri.
Pangea Property Partners has been exclusive sell-side advisor for Møller and Stokke. Law firm Thommessen has also advised the sellers in this transaction.
‘As the largest developer and owner of modern logistics real estate in the Nordics, NREP Logicenters wants to continue strengthening our presence at strategic locations, which is exactly what we have done with the acquisition of this high-quality asset. This center has close proximity to Oslo and a solid tenant on a long-term lease. This is a long-term investment for us, and we are looking forward to continue the value creation at Gardermoen and be a supportive partner for Coop,’ comments Jens Petter Hagen, partner and head of NREP Norway.
