Pan-European logistics specialists Verdion and Tritax EuroBox have announced plans to develop a €27.9 mln (SEK 284 mln) logistics asset on the northern outskirts of Stockholm.
The 13,181 m2 facility will comprise two buildings of 8,204 m2 and 4,977 m2 respectively on a strategic site in Rosersberg, on the E4 motorway between Stockholm city centre and Stockholm Arlanda Airport.
Tritax EuroBox will acquire the site and forward fund the development, with the purchase price reflecting a net initial yield of 4.2%. Verdion will develop the site and act as asset manager following leasing and completion.
It will be Tritax EuroBox’s 18th asset, and its second in Sweden. For Verdion, it is the latest in a growing number of Nordics projects, including two major logistics parks close to Copenhagen and a site for BMW’s Nordics distribution outside Malmö. It is also the third partnership for Verdion and Tritax EuroBox, following the completion in 2020 of a specialist food distribution facility for HAVI close to Hanover.
Alina Iorgulescu , assistant fund manager of Tritax EuroBox, commented:'Acquiring assets using a forward funding structure is an effective way of accessing the best assets in the best locations at prices discounted to the market. We expect both assets to perform well and deliver good value to our shareholders.'
The site will be developed speculatively to a high technical specification to ensure maximum operational efficiency, low occupational costs and long-term durability, according to Michael Hughes, CEO of Verdion. 'Both partners are committed to creating an asset with strong ESG credentials, with the development designed to target a minimum certification of BREEAM Very Good, including a range of energy saving initiatives and staff wellbeing measures.'
Construction is expected to start in Q4 this year following the building permit process, and to complete in Q4 2022.
