US corporate sale-and-leaseback specialist WP Carey has made its first foray in the Danish property market with the purchase of a portfolio of 14 logistics assets and one corporate headquarters totalling 184,582 m2 for around DKK 1.2 bn (€160 mln).
The portfolio is triple-net leased to the Danish freight carrier Danske Fragtmænd with a remaining term of approximately 17.8 years.
The portfolio represents approximately 90% of Danske Fragtmænd’s logistics footprint and consists of five regional distribution hubs, nine last-mile distribution facilities and its corporate headquarters. The assets cover Denmark’s main urban centres outside of Copenhagen, including key regional sites in Aarhus, Odense and Taulov.
In a statement, WP Carey said that the off-market acquisition complements its existing Nordic portfolio consisting of €800 mln of assets in Finland, Sweden and Norway.
Arvi A. I. Luoma, head of European investments at WP Carey, said: 'Denmark’s industrial real estate market is acutely under-supplied, so acquiring a high-quality logistics portfolio leased to one of the country’s top logistics companies was a rare and compelling opportunity.'
He added: 'Recognized as a well-capitalised and efficient all-equity purchaser of long-term leased high-quality assets, we have a history of providing capital to institutional investors seeking to refocus their portfolios.'