Nordic property investor Niam has agreed to acquire a 64,000 m2 logistics property under construction at Gardermoen in Oslo, Norway, in its first investment in the Norwegian logistics market.
The asset is being acquired from Wästbygg Gruppen's company Logistic Contractor for a price of NOK 1.45 bn (€124 mln). The property is fully let on a 15-year lease term to the installation distributor Ahlsell which will establish on the site its new central warehouse in Norway.
The plot, located in Eidsvoll north of Oslo, covers 266,000 m2 and the 64,000 m2 facility has an additional development potential of 20,000 m2.
Completion of this new central warehouse is planned for summer 2025.
'The deal has been achieved through a mix of forward funding and forward commitment and is an example of Niam's ability to structure deals in a way that suits all parties. Going forward, our expansion journey will continue and we are actively looking to acquire quality logistics facilities in strong logistics nodes around the Nordics,' said Henrik Gerdin, fund manager at Niam.
'This is Niam's first investment in logistics in Norway, and we are very pleased to purchase a state-of-the-art and pioneering logistics building with expansion opportunities that will support Ahlsell's growth ambitions,' added Morten Roland, Niam's country manager in Norway.
Cushman & Wakefield Norway/Sweden, together with 60 Grader Næringsmegling and Ræder Bing Advokatfirma, have assisted Logistic Contractor in the transaction.
