NREP Logicenters continues to strengthen its position in the Oslo region with a record-breaking acquisition of one of the Nordic region’s most sophisticated distribution centers. The acquired property is a 27-metre high-quality property measuring 84,800 m2 let to the grocery retailer Coop.
The logistics property company Logicenters continues to establish and consolidate their presence in strategic logistics hubs in Norway. Right beside Oslo Airport, Logicenters has acquired a first-class 84,800 m2 logistics facility from Møller Eiendom and Stokke Industri. Norway’s second largest grocery chain, Coop, is the long-term tenant of the property. There is an opportunity to expand the facility further, and Logicenters is looking forward to explore development of the property together with Coop.
“I am very proud to announce the off-market acquisition of this first-class logistics facility at one of Norway’s most attractive logistics hubs. It is in line with our long-term strategy to acquire properties of this particular quality. It is not a coincidence that the two largest logistics facilities in our property portfolio, this one and one in Bålsta, will be used by companies in the grocery segment. This is an industry which is less affected by market cycles than other industries as there will always be a demand for food,” says Matthias Kettelhoit, Head of Logicenters.
The property is fully automated and has refrigerated, freezer and temperate warehouse sections, enabling the tenant to handle large volumes of goods. In line with Logicenters’ sustainability and energy efficiency strategy, there is an opportunity to install solar panels on the property, both on the roof and on the facades.
“As one of the Nordic region’s leading real estate investors, we are always striving to intensify our presence at strategic locations around the region – and this is exactly what we have done here. This acquisition is the single largest investment we have made in logistics and it is also the latest addition in our ambition to further expand NREP’s presence in Norway. We would like to thank Møller Eiendom and Stokke Industri for their excellent collaboration. We look forward to continuing our partnership with Coop at this property,” says Jens Petter Hagen, Partner at NREP Norway.
CBRE has acted as commercial advisor for NREP Logicenters in this transaction, while Wikborg Rein has acted as legal advisor.
The partnership between Møller Eiendom and Stokke Industri has owned and developed the property since it was finalized in 2015. The investment was done with a five-year perspective.
“We are very pleased to have reached an agreement with NREP. Their focus on development of modern logistics properties and long-term ownership is a good match for both the property and the tenant,”, says Thomas Sletten, Chief Investment Officer at Møller Eiendom.
Pangea Property Partners has been exclusive sell-side advisor for Møller and Stokke. The law firm Thommessen has also advised the sellers in the transaction.
Logicenters is now scaling up and expanding its presence in Vestby, Norway, with a new land acquisition in the area totalling 27,000 m². The logistics property player is then expected to develop a logistics facility of approximately 13,500 m² at the newly acquired site, which is centrally located in Vestby Business Park.
Logicenters is continuing to consolidate and expand its presence at strategic logistics hubs in the Nordic region. It has now acquired additional land at Stormåsen 42, in Vestby, just south of Oslo, Norway. It is expected that up to 70 percent of the 27,000 m² site will be built on as part of Logicenters’ investment in the further strengthening of its presence in Vestby.
“For Logicenters, not only is it important to establish ourselves in geographically strategic logistics hubs, but also to continue to strengthen our presence in these areas. This is precisely what we are currently doing with this land acquisition. Vestby is ideally suited for logistics and its close proximity to Oslo makes it very attractive to many companies. We are very much looking forward to being able to develop further high-quality logistics facilities in the area,” says Jens Petter Hagen, partner at NREP Norway.
Vestby is located in Oslo’s southern logistics corridor close to the E6 motorway and close to Oslo itself. Logicenters already has a presence in the area with a modern logistics property measuring 44,049 m², as well as the ongoing development of a 12,000 m² property which is scheduled for completion in early 2021.
Motek AS has become a new tenant in Logicenters’ property at Fjellbovegen 9 in the attractive Berger area of Oslo. Moving in is scheduled to begin in early 2020 and the company will lease an area of 12,571 m2.
Logicenters has signed a lease agreement with Motek AS. The contract covers an area of approximately 12,571 m2, which means that the property is now fully let. The logistics facility is located on Fjellbovegen 9 in Berger, outside Oslo. The previous tenant was Bertel O Steen which had the opportunity to move out before its contract expires in April 2020. Motek AS will move in during the first part of 2020 and will lease all parts of the property.
“It feels great to announce that we have signed an agreement with Motek AS, which will be the new tenant at Fjellbovegen 9. Following planned tenant improvements on the property at the end of 2019, we look forward to Motek AS moving in at the beginning of 2020. Berger is an area attractive to tenants and Logicenters has focused on finding a tenant able to lease the entire property, something we have now succeeded in doing,” says Jørgen Bråten Nordby, Commercial Manager, Logicenters Norway.
The property is ideally situated at Fjellbovegen 9. Of a very high standard, it has a spacious loading yard including 18 loading docks. Berger is considered to be the most attractive logistics location along Oslo’s northern logistics corridor. Logicenters’ property is located in close proximity to the E6 motorway, which extends from Oslo to Gardemoen airport and further into Norway. Its proximity to the Alnabru terminal, which is Oslo’s main terminal for cargo handling and transport, increases the attractiveness of the area even more.
Logicenters has expanded its property portfolio in Norway with the acquisition of a newly developed logistics facility in Råde, Norway. The purchase was signed with futures contracts and now the 8,000 m2 facility is ready for the tenant New Wave to move in.
In June 2017, Logicenters signed an agreement with Fauna Eiendom AS for the acquisition of a planned new development of a property in Råde, Norway. The 8,000 m2 logistics facility is now ready for the tenant New Wave to move its operations into it. The development of the facility has resulted in 1,500 m2 of office and exhibition space, as well as 6,500 m2 of warehouse space.
– We are delighted that the new modern facility for New Wave in Norway has become part of our logistics property portfolio. As the largest owner of modern logistics facilities in the Nordic region, we have high growth ambitions in Norway and also completed a deal for 44,000 m2 in Vestby during the year, says Jørgen Bråten Nordby at Logicenters in Norway.
Located around 70 kilometres from Oslo and close to the E6 motorway, the logistics facility has a strategically important position in Råde. The property is located at Torvstikkeren 10.
– We are proud to have delivered a modern logistics facility and head office in Norway for New Wave in association with our contractor Norbygg. New Wave has impressed throughout the process and there is no doubt that the company will perform even better in its new facility. With such an expert and professional developer as Logicenters, we are also convinced that the property will be in the best hands for the future. This will enable us to redistribute resources to other exciting development projects we are working on, including 500,000 m2 in a future logistics area along the E6 in Nedre Romerike, says Rasmus Os at Fauna Eiendom AS.
New Wave Group is listed on the Swedish stock exchange and is primarily active in the development and sale of various textile products aimed at the the corporate market. The company also owns the Craft sports brand.