German asset manager DWS has acquired a logistics property in Jönköping, Sweden for approximately €141.6 mln on behalf of one of its German open-ended retail real estate funds.
The seller of the property is Savills Investment Management's Nordic logistics club deal fund.
The deal marks DWS's second foray into Swedish sheds this month, after the recent forward funding purchase of a €146 mln logistics development in Eskilstuna, Sweden, for Coop Logistik on behalf of DWS’ open-ended institutional real estate fund Europe II.
The logistics complex in Jönköping is leased to El-Giganten Logistik, one of the largest electronics companies in Northern Europe, on a long-term basis.
Comprising 112,000 m2, it is characterised by its fully automated sorting and storage facilities enabling high capacity operations serving Norway, Sweden, Denmark and Finland.
The long-term sole use and successive expansion of the building demonstrates the strategic importance of the location for the tenant given its location within the Nordic Trade Triangle between Malmö, Gothenburg and Stockholm, DWS said.
'This acquisition further expands our presence in Sweden and in the logistics sector. We will continue to focus on assets with strong tenant profiles in well-established locations with access to large consumer markets across Europe,' said Ronen Ribak, head of real estate transactions, Europe at DWS.
'Long-term, fully let prime logistics in established locations combined with positive sector fundamentals contribute to make this an attractive investment for our fund,' added Matthias Naumann, chief investment officer Europe real estate at DWS.
Savills advised Savills Investment Management on the asset sale. The transaction was carried out in collaboration with Newsec, local partner of DWS in the Nordics.