AXA IM Alts has acquired two prime logistics properties in Oslo for €125m from Nordic property owner and developer Fabritius Gruppen.
The single-tenant assets constructed between 2019 and 2023 total c. 83,000m2 and c. 23,000m2 respectively, and are 100% occupied by Norway’s largest discount retailer and an international freight forwarding and logistics provider, with a combined WAULT of more than 10 years. In line with AXA IM Alts’ global sustainability approach, the property’s strong environmental credentials include the utilisation of renewable energy sources and PV solar panels.
The properties are located on the Moss Næringspark business park, a well-established logistics cluster in South Oslo. They benefit from exceptional transport connectivity, with direct access to the E6 highway, the main motorway connecting Norway and Sweden, and Northern Europe, as well as the Port of Moss, one of the Oslo region’s most strategic seaports.
The Nordic e-commerce market is forecast to grow by 7% in 2023, with a scarcity of land continuing to underpin strong rental growth. This acquisition brings AXA IM Alts’ total European direct equity logistics platform to over €5b AUM across 4,300,000m2 in 11 countries, a sector sustained by favourable structural trends including a supply /demand imbalance, driven by shifts in worldwide consumption habits.
Fredrik Söderlund, Head of Asset Management & Transactions, Nordics at AXA IM Alts commented: “This acquisition of a high-quality, sustainable and well-let portfolio, in a key strategic location furthers our exposure in one of our high conviction sub-sectors. Demand for flexible and modern warehouse space with excellent transport links has been unaffected by wider macroeconomic volatility, driven by the growth of commerce, multi-channel retail and global business-to-business distribution.”
