Norwegian investment manager Ness, Risan & Partners (NRP) has sold a Finnish logistics porfolio to Munich-based fund manager GLL in a deal backed by South Korean capital.
Financial details were not disclosed.
The portfolio comprises five properties covering around 135,000 m2 in strategic locations in Finland, providing distribution to more than 90% of the Finnish population, according to NRP.
The assets are leased long-term to the government-owned Posti Group, the Finnish postal service.
'It has been a long process to negotiate and complete this portfolio transaction. However, we are very pleased with the outcome,' commented NRP's head of transactions, Knut Ekjord.
The portfolio was acquired by NRP in April 2015, and included in NRP Fund VI as a long-term investment. Wilfast Förvaltning managed the property for NRP.
'After having increased the portfolio from four to five properties we perceived a strong buying interest in the Finnish market and due to the considerable return on investment, as well as our ability to source new deals, we decided to sell,' added fund manager Eirik Forthun.
NRP is an Oslo-based, Nordic Real Estate alternative investment manager. It is the largest holder of non-listed Nordics logistics properties, totaling around 1.5 million m2 within that segment alone.
