Savills Investment Management sells prime logistics property in Sweden on behalf of German club deal special fund

Savills Investment Management (Savills IM), the international real estate investment manager, has sold a cross-dock asset in Gothenburg, Sweden, on behalf of its Nordic Logistics Club Deal fund. The buyer is Swiss Life Asset Managers Nordic on behalf of one of its funds and a group of investors.

Photo: Cross-dock asset in Gothenburg, Sweden; Author: Fotografdaniel

Built in 2009 and expanded in 2014, the facility offers 25,700 sqm in logistics space and is located near the centre of the Swedish city of Gothenburg in Backa industrial area. Gothenburg's nearby port is the largest in the Nordic region, handling around a third of Sweden's foreign trade, while the site also offers direct access to the E6 highway.

The property is single let to a logistic operator and serves as a trans-shipment platform for incoming and outgoing goods as well as a last-mile distribution centre for the regional market. The building has an EPC "A" rating and has, during the hold period, seen several improvements such as an extension of last-mile warehouse and ESG enhancements to reduce its overall carbon footprint.

The Savills IM Nordic Logistics Club Deal was launched in 2014 as a German real estate special fund. At launch, the portfolio comprised 11 logistics properties in Sweden, Denmark, Finland and Norway. Savills IM manages real estate in Scandinavia with a total value of around EUR1.6 billion in various funds and mandates.

Savills IM was advised on the transaction by Savills Sweden and DLA Piper.

Peter Broström, Head of Nordics at Savills IM, says:

"This sale demonstrates that there is a robust interest to invest into high-quality logistics locations underpinned by proximity to a capital city and strong ESG characteristics. This fund has again exceeded its performance expectations, delivering strong income returns and total returns over our 10 years of ownership. Backa is the tenth sale in the fund and we expect to sell the last remaining property later this year."

Lisen Heijbel, Head of Investment, Nordics at Savills IM, says:

"This transaction underscores our strong belief that the Nordic market for logistics transactions is back, with competitive bidding from different types of buyers. And while we are pleased with the outcome of this sale, we continue to look for additional logistics assets to acquire in the right locations across all Nordic markets."