Barings Real Estate, one of the world’s largest diversified real estate investment managers, announced its first logistics investment of 2021, with the off-market acquisition of a newly built Grade A logistics asset, Sörred Kubiklager, in Gothenburg, Sweden. The asset was acquired from multinational construction and development company, Skanska, for €26m.
The facility comprises c. 20,100 sqm of space, including office space, roof-mounted solar panels, 23 loading docks and 58 parking spaces, and meets the requirements of the EU’s GreenBuilding programme.
The asset’s first tenant Facil, a global full-service provider of fastening solutions and C-parts will move in during the second quarter of 2021.
With logistics emerging as one of the hottest property sectors in 2020, Gothenburg is seen as an attractive location for logistics facilities due to its central location on the west coast of Sweden and proximity to the largest container port in the Nordics. The asset is within the Nordic Trade Triangle, the main transport routes that link Stockholm, Oslo, Helsinki and Copenhagen.
Thorsten Slytå, Managing Director and Head of Nordics at Barings, commented, “This transaction has secured a high-quality logistics asset with significant income and value creation potential. Discussions with potential occupiers are already underway.”
“2020 was an active year for us in the Nordics, where we invested €230m into offices and logistics across both core+ and value add risk profiles. We anticipate that 2021 will be another busy year as we aim to deploy €400m across the Nordics mainly in logistics, CBD offices with repositioning potential and in the residential sector. Within these segments we will review core, core+ and value add opportunities.”
As well as plans to invest €400m across Scandinavia in 2021, Barings is looking to deploy up to €900m across other European regions in 2021. Gunther Deutsch, Managing Director, Head of Real Estate Transactions – Europe at Barings, commented, “Our European target investment volume for logistics will increase up to €900m for 2021 across our covered regions, which include the Netherlands, Germany, the UK, Italy, France and Spain, where we will be targeting both portfolio and sale-and-lease back transactions.”