Listed islamic bank Kuwait Finance House (KFH) has acquired the 70,000 m2 central warehouse of Nordic technical trading company Ahlsell Group in Hallsberg, Sweden for around SEK 475 mln (EUR 52 mln). The vendor is an investment consortium including Wilfast Förvaltning and Ness, Risan & Partners.

KFH, which is 49%-owned by the government, carried out the acquisition on behalf of its Shariah-compliant Pan European Real Estate Fund.

Leimdörfer acted as financial adviser to KFH, while Gernandt & Danielsson acted as legal adviser. Ernst & Young and Trower & Hamlin were involved in the structuring of the islamic financing. Aareal Bank funded the deal.

'We look forward to making more investments in the Nordic region, with a view to properties with strong cash flow,' said Ali O Al-Ghannam of KFH.