Tritax EuroBox has acquired the land and provide forward funding for the development of a new high specification and sustainable logistics asset for a total consideration of €27.9m (SEK 284m) in a prime location just north of Stockholm, Sweden.
This is the company’s second acquisition in Sweden and comprises a 13,181m² logistics facility consisting of two separate units of 8,204m² and 4,977m² to be constructed between November 2021 and December 2022. The development is being undertaken by Verdion, a highly experienced European industrial and logistics real estate specialist, which has recently expanded into the Nordic area opening offices in Sweden and Denmark and has a growing number of projects in the Nordics. The land purchase is conditional on receiving the building permit which is expected in the near term.
The buildings are located in the established logistics market of Rosersberg, one of the best logistics hubs in Sweden, strategically situated close to Stockholm Arlanda Airport on the E4 motorway to Stockholm. Given its strategic location, market rents in Rosersberg are amongst the highest in Sweden and its importance as a hub is expected to increase further in coming years.
The development is targeting a minimum BREEAM Very Good certification, and the construction will include a range of energy-saving initiatives and staff wellbeing measures.
Alina Iorgulescu, Assistant Fund Manager of Tritax EuroBox, commented: “We are delighted to acquire our second asset in Sweden, following the acquisition of the Gothenburg asset in June this year, building up our presence in this important market, which we expect to continue to perform well due to strong fundamentals. Tenant demand is strong and land supply is constrained in the prime markets in Sweden such as Stockholm and Gothenburg where we are investing. Acquiring assets using a forward funding structure is an effective way of accessing the best assets in the best locations at prices discounted to the market. We expect both assets to perform well and deliver good value to our shareholders.”