Swedish property company Sagax has announced the acquisition of a logistics site located in the Jordbro industrial area south of Stockholm from a unit of Norway's NRP Realkapital. The transaction volume amounts to around SEK 600 mln (EUR 68 mln), representing a yield of 7.3%.

In a statement, the company said it is paying for the property with SEK 140 mln of shares in Norwegian-listed property company Northern Logistics Property, roughly SEK 409 mln through a credit facility provided by SBAB and the remainder with equity.

The Jordbromalm 3:1 asset offers 94,000 m2 of warehousing space housing Coca Cola's production plant, Dagab's distribution centre and Green Cargos' storage facility.

David Mindus, CEO of Sagax, said: 'We believe that the supply of warehouse premises in the Stockholm market will continue to decline, as a result of a shortage of new developments, while demand remains stable. We therefore believe that there are good prospects for long-term rental growth in this market segment.'

Sagax focuses on warehouses and industrial premises with a portfolio of 1 million m2 distributed across 127 buildings.