GLL Real Estate Partners said on Monday that it has acquired a 135,000 m2 logistics portfolio in Finland, in the country’s very first real estate institutional investment by South Korean capital.
Munich-based GLL, acting on behalf of its clients, bought the five properties for a price ‘in the hundreds of millions’. The assets, located in strategic locations including Helsinki and Tampere, are leased on a long-term basis to Posti, the postal and logistics company of the Finnish government.
The seller of the portfolio is Ness, Risan & Partners, a Norwegian investment manager specialising in alternative investments. Wilfast Föryaltning was the property manager.
The buyer was advised by Castrén & Snellmann, KPMG and JLL, the seller by Borenius and CBRE. German lender Helaba is financing the acquisition as sole underwriter and agent.
‘We are particularly pleased that due to our excellent network in the markets we succeeded with the right investment product once more to open a new destination for Korean capital,’ said Florian Winkle, GLL Business Development.
Last year GLL, a global investment manager with a €7 bn portfolio under management, sealed the acquisition of two distribution centres with a total of 250,000 m2 in Wroclaw and Poznan, Poland, on behalf of unnamed Korean institutions. The assets were developed by Panattoni Europe and completed in 2014.
In total, GLL manages roughly €1bn of assets on behalf of South Korean investors, spread over five mandates.
