BlackRock Real Assets, part of the world’s largest asset manager BlackRock, has purchased two logistics developments in Sweden from local fund manager Slättö as it looks to build out its Nordic real estate portfolio.
The assets are located in the capital Stockholm and the city of Enköping in Uppland province, and are already around 25% pre-let.
The Stockholm asset is a two-storey, urban last-mile logistics development comprising around 16,500 m2. It is located in Botkyrka municipality along the E4 highway, and is slated for delivery from the fourth quarter of 2023.
The Enköping asset comprises a generic logistics facility of around 22,500 m2. It is located around 70 km northwest of Stockholm, servicing Stockholm and the Mälardalen region, and is expected to be available to tenants from the second to fourth quarter of 2023.
The projects are targeting BREEAM Excellent sustainability certification and Miljöbyggnad Silver standards.
Thorsten Slytå, managing director and head of Nordic real estate at BlackRock, said: ‘We are happy to join forces with Slättö to develop two high-quality logistics facilities in Sweden. This transaction is a natural next step in BlackRock’s efforts to build our Nordic real estate portfolio and further strengthen our regional footprint within logistics.’
Financial details were kept confidential.
Founded in 2013, Slättö is a partner-owned manager of alternative investment funds focused on Nordic real estate investments. Its funds collectively manage assets of more than SEK +16 bn (€1.5 bn).
BlackRock acquired the two developments from Slättö Value Add I, a fund holding assets that were sourced and developed through Slättö’s logistics platform Evolv. The fund has completed around 20 acquisitions within the logistics and light industrial segments to date. It has also concluded two portfolio divestments in the segment.
Erik Dansbo, CIO and partner at Slättö Förvaltning, commented: ‘Slättö and our logistics platform Evolv continue to generate attractive opportunities in a very interesting segment. We are pleased to partner with a large player such as BlackRock Real Assets and look forward to completing the development of these assets in close collaboration with them.’
Mannheimer Swartling and JLL advised Slättö on the transaction. Linklaters and Pangea Property Partners acted for the buyer.