Danish pension fund PFA has acquired a 47.5% interest in a logistics fund managed by NREP from Swedish pension fund SPP.
Danish pension fund PFA has acquired a 47.5% interest in a logistics fund managed by NREP from Swedish pension fund SPP.
The total value of the transaction, which traded at NAV, was SEK 854 mln (€99.2 bn) including un-drawn commitments.
The fund - NREP Logistics - was launched by Nordic Real Estate Partners (NREP) in March 2010 and currently has a portfolio of some 25 prime logistics assets located in Sweden, Denmark and Finland.
The portfolio is valued at SEK 3.6 bn and will reach some SEK 4 bn when fully invested.
Michael Bruhn, managing director of PFA Real Estate, commented: ‘This investment fits very well with our overall strategy of increasing our international indirect real estate exposure. NREP Logistics has a unique portfolio of prime logistics assets in the Nordics and its high and stable cash flow is very attractive in today’s market environment.’
Custor Capital advised SPP on the transaction.
