CapMan's Nordic property income fund has acquired a light industrial property with a public sector tenant, in Brabrand, Aarhus, in Denmark.
Financial details were not disclosed.
The property, Sintrupvej 17-19, covers some 4,600 m2 of leasable space. It is located in Brabrand, Aarhus, a predominantly light industrial and logistics area with office and residential properties nearby. The asset is a multi-let property where the largest tenant is Aarhus Municipality on a long-term lease.
In addition to standard maintenance and refurbishments, CapMan plans to improve long-term sustainability of the property by investing in energy savings measures and is looking to certify the property in the future.
'We are very pleased about this addition to our income-focused fund. The Aarhus market for light industrial properties is experiencing great demand and this well-located and functional property is ideally positioned to benefit from this,' said Peter Gill, partner, head of CapMan Real Estate Denmark.
'This is an excellent addition to the fund and to its growing warehouse portfolio, and also a demonstration of our local reach in the Nordics. Despite of a more challenging market there are opportunities to be found. Long-term income derived from a light industrial asset with a municipal tenant is a perfect fit for the fund,' added Sampsa Apajalahti, investment director at CapMan Real Estate and fund director of CMNPI.
The property was acquired from Hermod Ejendomme. The acquisition was secured and facilitated in cooperation with Rubik Properties, an international operating partner in Denmark.
CapMan Nordic property income fund focuses on stable income generating properties such as light industrial and warehouse properties, modern offices, necessity-driven retail assets and niche properties in the living sector in Nordic cities.
CapMan Real Estate currently manages approximately €4.5 bn in real estate assets.