Allianz and CBRE GIP have joined forces and acquired a Nordic logistics portfolio through a Norwegian fund vehicle managed by Ness, Risan & Partners (NRP).
The portfolio consists of eight logistics properties in Sweden and Denmark with a total value of more than SEK 4 bn (EUR 390 mn) and a lettable area of more than 400,000 sqm leased out to blue-chip tenants on long-term leases (weighted average lease period, ~12 years). The portfolio has been built up by NRP and was previously owned by a combination of direct investors and two funds managed by NRP.
“The portfolio is a good platform for continued growth in the Nordics. It is diversified, with solid long lease contracts and a definite potential to create further value,” said Hugues Braconnier, Head of Logistics at Allianz Real Estate.
“The portfolio holds high quality long leased assets at strong micro locations in the Nordics region. We are confident that the NRP platform is well placed to manage and expand this portfolio,” said Alexander van Riel, Head of Continental Europe at CBRE GIP.
The buying fund will be managed by NRP and will focus on logistics properties in the Nordics, with a mandate to grow the portfolio with new acquisitions.
Eirik Forthun, Partner and Fund Manager at NRP Asset Management AS, commented: “We firmly believe this portfolio will continue to generate dividends and long-term value for investors and look forward to cooperating with Allianz and CBRE GIP.”
NRP is an Oslo-based, alternative investment manager in the Nordic real estate market. It is one of the largest holders of non-listed Nordic logistics properties, totaling approx. 1.5 million sqm within the logistics segment alone. Wilfast Förvaltning AB will continue as property manager for the portfolio.
Founding Partner at NRP Asset Management AS, Thorbjørn F. Pedersen said: “It has been an exciting journey constructing this quality portfolio together with our investors. We are pleased to continue this journey with CBRE GIP and Allianz and to build on what is already a prime portfolio.”
The main advisors have been Advokatfirmaet BAHR AS, Setterwalls Advokatbyrå AB, Real Asset Partners, Source AG.
The buyers have been advised by Linklaters (legal), EY (tax and financial), Sweco (technical) and Aon (Insurance).