M7 Real Estate (M7) and Centerbridge Partners (Centerbridge), the global alternative investment manager, announced the acquisition of Snaremosevej 63-65 and Blytäkkervej 1 in Fredericia, Denmark, on behalf of their €250m joint venture (JV) targeting the Industrial Outdoor Storage (IOS) sector in Continental Europe.
Snaremosevej 63-65 and Blytakkervej 1 comprise c. 57,400m2 of space including c. 40,100m2 suitable for outdoor storage and c.17,300m2 logistics building and office space. The site was previously owned by PostNord, a provider of postal services in the Nordics, which operated it as a regional distribution centre. The asset is currently vacant with an opportunity to lease up the space.
Located in Fredericia, the asset sits in the established logistics hub known as the Triangle Area in Jutland, a highly sought-after industrial and logistics zone with excellent infrastructure, including proximity to the E20 motorway and Fredericia Harbour.
This acquisition marks the second in Denmark for the joint venture with Centerbridge Partners.
The joint venture targets IOS assets in urban areas with high industrial and logistics activity and strong transport links, implementing asset management strategies to create value. Following this acquisition, the JV’s portfolio comprises a total of c. 92,000m2 of space, including c. 70,000m2 of IOS and c. 22,000m2 of warehouse and office space in Denmark.
Mikkel Seitzberg Mikkelsen, Managing Director at M7 Real Estate in Denmark, commented: “Alongside our partner, Centerbridge, we see an attractive opportunity in the IOS subsector of the industrial and logistics market in Denmark, primarily driven by the growth of e-commerce and the consolidation of global supply chains. This JV aims to seize an opportunity to be an early mover in this subsector across Europe, including in Denmark where we have an on-the-ground team and asset management expertise. Having completed two acquisitions in Denmark for the JV, we have established a strong foundation and are exploring a robust pipeline of opportunities as we continue to grow a scalable institutional platform across Europe.”
M7 was advised by Jes Rovsing of PropCon. Nova Ambiente, Savills and Plesner in this process. Seller was advised by EDC Poul Erik Bech Erhverv.
Image source - M7.
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