JPMorgan Asset Management - Real Estate (Europe) has announced that a fund advised by it has acquired the Juvanmalmi Logistics Centre in Espoo, Finland, from a joint venture between Merrill Lynch, O'Connor Capital Partners and Genesta Property Nordic Finland Oy.
Espoo is a core logistics hub for the Helsinki Metropolitan Area. The property is leased to well-established logistics operators such as Geodis, Certex and ABB.
The multi-let property comprises 60,912 m² of internal lettable space, and offers asset management opportunities for re-gearing, leasing, and extension.
This transaction represents JPMAM Real Estate's continued acquisitive strategy in Finland, and with this transaction, the fund has acquired eleven properties since January 2007. These include four office buildings in Paris, a four-property logistics portfolio in France, a logistics property in Grantham (UK), an office building in Dortmund (Germany), and an office building in Rome (Italy).
Leimdorfer advised the seller, JPMAM Real Estate was not represented and Lehman Brothers provided the senior finance.