has sold a logistics asset in Gothenburg, Sweden, to clothing retailer Kappahl Group for SEK600m (鈧�53.9m) on behalf of a pan-European core strategy.
The real estate arm of the investment manager agreed a forward-commitment to purchase the asset from developer NCC in March 2022, subsequently closing the deal in January 2024, with a strategy to build to core and secure a lease. Upon entering leasing negotiations, international fashion retailer Kappahl ultimately opted to purchase the asset for use as its central distribution hub.
The property comprises one main building totalling 33,200sqm of lettable area with 29 loading docks and a floor-to-ceiling height of 11.7m. The building is to be certified with BREEAM Excellent accreditation.
Andreas Norberg, managing director and head of Nordics at , said: 鈥淗aving acquired this scheme as a speculative development with the intention of producing a core asset, its sale to Kappahl as owner-occupier has vindicated our decision completely and confirmed our underwriting assumptions.
鈥淭he asset will serve as its central distribution hub which, after such a short holding period, reflects the quality of the property and its excellent location.
鈥淲hile we remain deeply attracted to logistics real estate across the Nordics, the opportunity to close this deal and return a profit to our investors was deemed to be the most attractive option. We intend to reinvest the capital into development opportunities in our preferred sectors, especially the logistics and several living classes鈥� across the Nordics.鈥�
Gunther Deutsch, managing director and head of European transactions at Barings Real Estate, said: 鈥淭his transaction underlines our prudent selection of locations, as well as development and business partners, across the Nordics.
鈥淲e are keen to expand our relationships to continue our investment path in the Nordics aiming for value-add returns with a path to produce core assets through JVs or forward transactions across our priority sectors in 2024.
鈥淟ooking beyond this transaction, our focus remains on the next opportunity to secure for our investors in our preferred countries such as France, Germany, the Netherlands, the Nordics, the UK, Spain and Italy.鈥�
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