Logicenters continues growing their presence in Norway with a new acquisition. The logistics branch of the Nordic real estate investor NREP has recently acquired a logistics building in Skytta, slightly north of the Oslo city limit. The property is currently undergoing an extension and an upgrade and will upon completion in May 2023 have a total leasable area of 17 000 sqm.
Previously this year, NREP Logicenters acquired their first logistics property beyond the greater Oslo region as they acquired three properties at Løvåsmyra in the Mid-Norwegian city Trondheim. A month later, the company also closer their acquisition of the new ODA distribution center west of Oslo at Liertoppen. Now Logicenters has done another transaction in the Norwegian market, by acquiring a last-mile distribution center in the Oslo region, Brennavegen 20. The seller is a JV-setup between LED Eiendom AS and Furuholmen Eiendomsutvikling, who bought the property in early 2021, and are now extending the building with two new tenants.
Upon completion of the ongoing extension, the property will be 17 000 sqm, which is distributed between four different tenants. The existing building mass is let to Nittedal municipality and Andvord, whereas the new areas are let to the seafood players, Filetfabrikken and Domstein, who are expected to move in by May 2023.
” Logicenters are very pleased with the acquisition of a high quality last-mile property in the Oslo region. We have broad experience from investing in the Oslo region in the past, and we consider Brennavegen 20 to be a great fit for our portfolio which has increased focus on flexible “last mile” properties. The technical and property specific qualities of the building matches well with our requirements.” – Matthias Kettelhoit, CEO of Logicenters.
” This is an exiting and flexible property of high quality which is located right beyond the Oslo city limit. We have high appetite for high quality properties north of Oslo, and we hope this is one of many acquisitions in this region going forward. The acquisition of this property is an important part of our strategy for the Norwegian market.” – Jørgen Bråten Nordby, Investment Manager at NREP Logicenters.
Our initial business case has been realized. The property is now fully let and we will have a complete building shell by Christmas. It is therefore time to let a long term and industrial owner take over the reins, we congratulate Logicenters with the acquisition of an attractive property” says Morten Roland in LED Eiendom and Lars Halvorsen from Furuholmen Eiendomsutvikling
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