M&G buys last-mile logistics assets in the Nordics

M&G Real Estate has announced the acquisition of two logistics assets near Stockholm, Sweden, for a total of €64 mln.

Both acquisitions were made on behalf of the M&G European Property Fund.

The assets are located in the established logistics submarkets of Segeltorp and Brunna. Myrfast is a 15,060 m2 building, acquired off market for €46 mln. The building is 100% let to a single tenant, Postnord.

Lyckobrunnen completed in 2019, and is multi-let to Swedish trade, real estate and investment company Orvelin Group, luxury architectural group Cosentino and Engelmanns, a Swedish cheese wholesaler.

Thorsten Slyta°, director of the Nordic region for M&G Real Estate said: 'It is rare to find these kind of assets so close to the inner city of Stockholm and especially with an investment grade tenant such as PostNord with a long lease. Both assets are positioned in very strategic locations to service the increasing demand for last mile supply chain capability as a result of growth in e-commerce and consumer expectations for ever faster delivery times in Sweden.'

He added: 'We still see logistics portfolios trading at a premium therefore our strategy is to continue buying these assets one by one to achieve higher returns for our investors. We are keen to identify further opportunities in this segment across the Nordic region in all relevant strategic logistics locations.'

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