Global asset manager Aberdeen Standard has acquired a logistics centre in Örebro, Sweden for SEK 400 mln (€38.2 mln).
The purchase price of more than €38 mln reflects a net yield of 4.7%, which is a record low yield for logistics properties in the Nordics. The asset was acquired from Pilängen Logistik.
The asset attracted interest from a large group of both global and local investors.
Both household names and well-known institutions, funds and listed companies where represented on the bidding list. The final round of bids was a very close race between a handful of top-notch investors which was ultimately won by Aberdeen Standard, PropertyEU can reveal.
The asset is fully let to XXL, a Norwegian sports retailer, with over 10 years remaining on the lease period. The logistics centre serves the Swedish, Finnish, Danish and Austrian markets.
‘We are pleased to have completed a good transaction for our investors and are confident that Aberdeen Standard Investments will continue to support XXL’s growth within e-commerce,’ commented Sven Hegstad, Pilängen’s CEO.
Pilängen was represented on the transaction by Pangea Property Partners as sell-side adviser and MAQS acted as legal adviser. Aberdeen Standard Life was advised by NCAP as buy-side adviser and Linklaters acted as legal adviser.