Investor DWS is teaming up with Coop Logistik, the logistics arm of Sweden’s second-largest grocery retailer, to develop a €146 mln state-of-the-art logistics facility to be located in Eskilstuna Logistics Park, Sweden.
The forward funding acquisition is on behalf of DWS’s institutional open-ended real estate fund, Europe II, from Coop Logistik who will also become the sole tenant of the custom built property upon completion, expected in the fourth quarter of 2022.
Designed as a modern, fully automated, ultra-high-bay distribution centre, it will comprise almost 110,000 m2 upon construction to service the entire Coop store network across Sweden.
‘We look forward to working with Coop Logistik to deliver this state-of-the-art facility. Eskilstuna has emerged as an upcoming last-hour logistics submarket thanks to its favourable geographical position and accessibility. We will continue to focus on assets with strong tenant profiles in locations with access to large consumer markets across Europe,’ said Matthias Naumann, CIO European Real Estate at DWS.
Nicoletta De Bona Bottegal, portfolio manager for Europe II at DWS added, ‘This acquisition further increases Europe II’s exposure to the logistics sector by adding a top-quality prime Swedish asset to the portfolio. We are pleased with the continued development of the fund with this ninth acquisition. We remain focused on growing Europe II through an investment strategy that emphasises resilient sectors offering long-term growth, alongside achieving performance targets for our investors.’