Nordic Real Estate Partners (NREP) has signed an agreement with Dahl Sverige, part of construction material group Saint Gobain, for the development of a distribution centre to support Dahl's expansion in the Nordic region.
NREP will commence the construction in July this year and the building will be ready for occupation in the second quarter of 2012.
The agreement relates to the second phase in the development of the 75,000-m2 property Veddesta 2:88 in Järfälla northwest of central Stockholm. The first phase was a development of a new 8,500 m2 hub and headquarters for UPS, which took occupation of its building the last week of May. The Dahl scheme will be fully let on completion.
NREP, with offices in Finland, Denmark and Sweden, has raised four funds with a total equity value of EUR 350 mln, primarily from large Nordic and international institutions, since the company's inception in 2005. NREP focuses on modern logistics, self-storage and value-add retail properties.