A SEK3.8bn (鈧�365m) logistics joint venture between Sweden鈥檚 largest pension fund Alecta and local property firm Bockasj枚 has been sold to US sector specialist Prologis.
Bockasj枚 announced the deal yesterday, saying the portfolio of the Logistikfastigheter Sverige venture was being acquired by Prologis鈥� European fund Prologis European Logistics Fund (PELF).
Logistikfastigheter Sverige owns 11 properties with a lettable area of 295,000sqm, located in Helsingborg, Gothenburg - Hisingen, Gothenburg Landvetter Airport, 脰rebro, V盲ster氓s, Eskilstuna and Arlanda City, Bockasj枚 said.
鈥淭he deal is being carried out at an underlying property value of SEK3.8bn, which is a new record level in Sweden,鈥� it said.
Joakim Hedin, chief executive of both Logistikfastigheter Sverige and Bockasj枚, said: 鈥淲hen Alecta and Bockasj枚 in 2016 formed Logistikfastigheter Sverige AB, our common goal was to build up a stock worth 3 billion within five years.
鈥淲e have achieved that goal in half the time, while we have seen a strong value development in the last three years,鈥� he said.
When his firm was offered the opportunity to sell to what was one of the world鈥檚 largest companies in the area 鈥� Prologis 鈥� Hedin said his team felt that the timing was right.
Thomas Dansk, chairman of the board of Logistikfastigheter Sverige and asset manager at Alecta, which has total assets of around SEK870bn, said the stock built up within Logistikfastigheter Sverige was one of the best in the market.
The properties were of the highest quality and located on the best logistics sites with AAA tenants, he said.
