German insurer Allianz and CBRE Global Investment Partners have joined forces to acquire a Nordic logistics portfolio through a Norwegian fund vehicle managed by Ness, Risan & Partners (NRP).
The portfolio consists of eight logistics properties in Sweden and Denmark, with a total value of more than SEK 4 bn (€390 mln) and a lettable area exceeding 400,000 m2.
The assets are leased out to blue-chip tenants on long-term leases, with a weighted average lease period of around 12 years. The portfolio has been built up by NRP and was previously owned by a combination of direct investors and two funds managed by NRP.
'The portfolio is a good platform for continued growth in the Nordics. It is diversified, with solid long lease contracts and a definite potential to create further value,' said Hugues Braconnier, head of logistics at Allianz Real Estate.
'The portfolio holds high quality long leased assets at strong micro locations in the Nordics region. We are confident that the NRP platform is well placed to manage and expand this portfolio,' added Alexander van Riel, head of Continental Europe at CBRE GIP.
The acquiring fund will be managed by NRP and will focus on logistics properties in the Nordics, with a mandate to grow the portfolio with new acquisitions.
Eirik Forthun, partner and fund manager at NRP Asset Management commented: 'We firmly believe this portfolio will continue to generate dividends and long-term value for investors and look forward to cooperating with Allianz and CBRE GIP.'
Wilfast Förvaltning AB will continue as property manager for the portfolio.
NRP is an Oslo-based, alternative investment manager in the Nordic real estate market. It is one of the largest holders of non-listed Nordic logistics properties, totaling approx. 1.5 million m2 within the logistics segment alone.
The main advisors were Advokatfirmaet BAHR AS, Setterwalls Advokatbyrå AB, Real Asset Partners, Source AG.
The buyers were advised by Linklaters (legal), EY (tax and financial), Sweco (technical) and Aon (Insurance).