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Northern Logistic Property ASA has signed an agreement with Brinova and Green Cargo for an extension of the property in Haninge Stockholm with 10,000 sqm.
Northern Logistic Property ASA (NLP) has signed an agreement with Brinova Fastigheter AB for an extension of the property in Haninge, Stockholm. The property will after the development have a total lettable space of approx. 33,000 sqm. Green Cargo AB will let the entire property.
The investment is estimated to SEK 90 million, with expected finalization December 2008. The rental agreement with Green Cargo has a lease term of 10 years with full yearly CPI adjustment. The rental agreement implies an initial net yield for NLP of 7.0%, as compared to reported average net yield for NLP's current portfolio of 6.3% (first quarter 2008).
The acquisition is financed with a long term loan maximized to 80% of market value of the extension at completion with interest corresponding to STIBOR added 1.00% margin.
- An important part of NLP's strategy is to create profitable growth through development of current portfolio as well as building on our customer relationships. This project with Brinova and Green Cargo proves that this strategy works in real life, says Erik Dahl, CFO and acting CEO of NLP.
Green Cargo has 5 logistics centres in Sweden, with a total space of 195,000 sqm. 2007 revenues was at SEK 6.1 billion. For more information: www.greencargo.com
About Northern Logistic Property ASA
Northern Logistic Property ASA is a leading pure-play logistic property company based in Northern Europe. The company currently has a property portfolio of approximately NOK 5.3bn. The portfolio consists of 19 advanced logistic properties located in larger and regional cities in Sweden and Denmark, with a total lettable area of approximately 694,000 sq.m. See also www.nlpasa.com.
