Swedish warehousing and logistics company Logistea has expanded its portfolio by acquiring two properties in Åmål and Borås, Sweden, for SEK 237 mln (€20 mln).
The Åmål 6:78 property is valued at SEK 185 mln (€16 mln) and brings in SEK 15.3 mln (€1.3 mln) in rent each year for the next 14.5 years (thanks to a long-term lease). Logistea paid SEK 78 mln (€7 mln) of the purchase price to the seller Slättö Management by issuing new shares at a subscription price of SEK 14 (€1.20) per share.
Following the share issue, funds managed by Slättö will hold 20.2% of the capital and 22.3% of the votes in Logistea.
Closing of the transaction is expected to take place during Q2 2024. The property was constructed in 2022 and has a total lettable area of around 8,540 m2. Dana TM4 Electric leases all areas within the property through a triple-net lease agreement with a lease term until 31 December 2037.
Borås Vattnet 1 was acquired for SEK 52 mln (€4.5 mln), of which SEK 5 mln (€429,000) regards investments in batteries, solar panels and charging infrastructure, from a subsidiary of Holdingaktiebolaget Knut Hansson. Logistea paid SEK 17 mln (€1.4 mln) of the purchase price through shares issued to the seller at a price of between SEK 14.00 (€1.20) to SEK 15.50 (€1.33) per share.
Following the share issue, Stefan Hansson (including closely related individuals and companies) will hold 4.6% of the capital and 4.9% of the votes in Logistea.
Closing of the transaction will take place after the construction has been completed which is expected to take place during Q4 2024.
Anders Nordvall, deputy CEO and head of transactions, Logistea, said: ‘We are acquiring two properties with a newly produced high-quality building that was completed in 2022 and 2024 respectively with very good earning capacity via long-term leases signed with financially stable tenants. Both properties are equipped with solar panels and in Borås we are carrying out our first investment in battery storage.’
