Savills Investment Management (Savills IM) has acquired a logistics building in Stockholm on behalf of its flagship European logistics fund. The asset has a prime last mile location in Jordbro 25 km south of central Stockholm, Sweden and the seller is Revelop. Following this addition, the fund portfolio comprises 18 assets in six countries with a volume of c. € 860 million.
The building, which was completed in December 2022, comprises of c. 13,000 sq m lettable area including zones for chilled and frozen food distribution. The property is built-to-suit the tenant, which is a leading operator within the food industry and has committed to the location with a 20-year lease. The asset is set to achieve a Miljöbyggnad Silver environmental certification and is equipped with solar panels on the roof, electric vehicle supply equipment and heat recovery. In addition to this, there will be a large decrease in CO2 footprint by the consolidation of the tenant from nine different premises into this state-of-the-art facility tailor made for their operations.
Jordbro is one of Sweden’s key locations for “last mile” logistics operations with a strong occupier base within food and beverage. The site benefits from excellent access to the motorway and its geographical location, with 20% of Sweden’s population within a 50-kilometre radius. The area will further be strengthened by the planned Stockholm and Södertörn bypass infrastructure investments.
Savills IM was advised on the transaction by a number of organisations including KPMG, WSP and Roschier.
Daniel Hohenthanner MRICS, Director Investment at Savills IM, says: “This investment has very strong fundamentals due to its excellent macro and micro location. The very long lease term with a financially strong tenant will further stabilize the fund’s distribution. Finally, the asset further diversifies the portfolio of our pan-European logistics fund at country and tenant level, which is why the property is a very good addition to the fund.”