Savills Investment Management (Savills IM), the international real estate investment manager, has acquired a logistics building in Stockholm on behalf of its flagship European logistics fund.
The asset has a prime last mile location in Jordbro 25 km south of central Stockholm, Sweden and the seller is Revelop.
Following this addition, the fund portfolio comprises 18 assets in six countries with a volume of € 860 mln.
The building, which was completed in December 2022, comprises of 13,000 m2 lettable area including zones for chilled and frozen food distribution. The property is built-to-suit for the tenant, Ögrengruppen, one of Sweden’s largest producers of meat and charcuteries, which signed a 20-year lease and took possession of the building in December last year.
The asset is set to achieve a Miljöbyggnad Silver environmental certification and is equipped with solar panels on the roof, electric vehicle supply equipment and heat recovery. In addition to this, there will be a large decrease in CO2 footprint by the consolidation of the tenant from nine different premises into this state-of-the-art facility tailor made for their operations.
Daniel Hohenthanner MRICS, director investment at Savills IM, said: ‘This investment has very strong fundamentals due to its excellent macro and micro location. The very long lease term with a financially strong tenant will further stabilize the fund’s distribution. Finally, the asset further diversifies the portfolio of our pan-European logistics fund at country and tenant level, which is why the property is a very good addition to the fund.’
Vendor Revelop bought the asset in 2017/2018 Revelop and during its ownership increased the volume with 70%, to create an attractive industrial- and logistics development.