CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired 77,000 m2 of land in Åstorp, Helsingborg, Sweden.
Financial details were not disclosed.
The site will be developed into a high-quality warehouse asset totaling 46,000 m2 of lettable area.
The project will see flexible 1 to 3 units developed on a speculative basis and will target BREEAM Excellent certification. Completion of the development is expected in Q4 2024.
Justine Weber Bret, director of asset management & transactions logistics in the Nordics at CBRE Investment Management said: 'The logistics sector has remained resilient in a time of wider market uncertainty, with demand remaining for well-located, high-quality and sustainable assets.
'This land acquisition constitutes a great opportunity to secure what will be a prime development from an early stage, and the excellent location paired with substantial growth potential support our ambitions to deploy and strengthen our logistics portfolio further.'
The plot is strategically located along the E4 highway East of Helsingborg, a top-ranked logistics area in Sweden. Helsingborg is regarded as a city with huge growth potential - it is the country’s second largest container port, and it will double its capacity due to the current substantial project to develop new container terminals in the south part of the harbour.
Helsingborg is part of the greater transnational trade area Öresund, with excellent multi-modal connectivity to the cities of Malmö, Stockholm, and Gothenburg, and beyond to Copenhagen and Continental Europe.