Teesland iOG has acquired a €160 million portfolio of properties in Sweden on behalf of its Nordic Aktiv Fund. The Gellivare portfolio comprises 34 multi- and single-let properties across the industrial districts of Linköping and Norrköping. The vendor is Keops A/S, and the net initial yield is 7.89%.
Teesland iOG has just announced the second closing on the €850 million Nordic Aktiv Fund, which was three-times oversubscribed and has now raised over €300 million. The Fund is investing in commercial properties in Denmark, Sweden, Finland and Norway.
The 34 properties in the portfolio, which also includes three vacant sites, combine a total of 228,888 m² of space, of which 34% is office use, 46% industrial, with the remainder comprising retail, residential and restaurants.
David Seddon, Teesland iOG's CIO Europe and Fund Manager of Nordic Aktiv Property Fund, said, "The recent launch of the Nordic Aktiv Fund has been very successful thanks in large part to the substantial seed portfolio of over 60 assets, which was transferred at the first closing. The acquisition of the Gellivare Portfolio will allow us to reach our investment volume of €850 million in the next few months, well ahead of the planned date of June 2008.
The Nordic Aktiv Property Fund is the first of a family of multi-sector asset management intensive funds providing investors with a focus on income and income growth. In a similar style, we have recently launched the German Aktiv Fund, and are planning to extend the family further in 2008."
Michael Bruhn, MD of Teesland iOG Nordic, said, "We are focusing currently on Linköping and Norrköping for further acquisitions, as this is one of Northern Europe's most dynamic regions. The E4 motorway nearby and rail network confer significant logistics advantages."
Teesland iOG has more than €5 billion funds under management in the UK and Europe, of which over €3 billion is in European funds.
Source: FD Tamesis