Genesta snaps up Swedish logistics asset in off-market deal

Nordic specialist investor has acquired a 101,000 m2 logistics property in Västerås, through an off-market transaction with ICA Real Estate.

Financial details were not disclosed.

The property houses ICA's central warehouse and as a part of the transaction ICA Real Estate has signed a 15-year lease agreement with Genesta.

This marks Genesta's seventh acquisition in the logistics sector within a two-year period, and its logistics portfolio now comprises more than 300,000 m2.

'This is a significant addition to our expanding logistics portfolio and aligns perfectly with our investment strategy. We now look forward to teaming up with ICA as our tenant,' said David Neil, Genesta´s CEO.

The property is located in Västerås, approximately one hour west of Stockholm and in the heart of ICA’s distribution net.

Genesta will enhance the building's ESG profile during its ownership by focusing on improved energy efficiency and a reduced carbon footprint. Among other things, a solar panel installation is planned to generate renewable energy on-site.

The ambition is to elevate the BREEAM In-Use certification from 'Very Good' to 'Excellent' and upgrade the EPC (Energy Performance Certificate) rating from C to B.

'By improving our properties’ ESG performance we minimize the overall climate impact of our investment funds. At the same time, we support our tenants to reach their own sustainability goals,' added Neil.

Genesta will continue looking for assets in established and strong locations in the Nordics with a focus on the residential, retail, office, and logistics sectors.

Roschier and Svalner were Genesta´s advisors in this transaction.


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