DWS, formerly Deutsche Asset Management, has acquired a logistics property in Finland from domestic funds Elo Mutual Pension Insurance Company and LocalTapiola General Mutual Insurance Company in one of the largest single-asset logistics transactions ever completed in the country.
Built in 2006, the prime logistics property comprises 42,000 m2 and is located next to Helsinki-Vantaa Airport in Aviapolis. It includes a distribution warehouse, cross-dock facility and a LEED-certified stand-alone office building.
CBRE represented the seller.
'The fundamentals for prime logistics continue to be extremely strong and Finland is no exception,' said Jack Cox, head of EMEA Industrial & Logistics Capital Markets, CBRE.
The property is predominantly let to DHL, whose head operations are concentrated on the site.
'This high-quality property attracted strong interest from a wide range of capital sources across Europe demonstrating strong demand for logistic assets in the Finnish market. Lack of suitable product is currently limiting activity in the sector and we hope to see more properties come to the market,' Cox concluded.