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Northern Logistic Property ASA buys an attractive portfolio of five high quality logistics properties strategically located in central logistics clusters in Sweden. The seller of the properties, with a total area of close to 110,000 sqm, is Kungsleden AB, which will get SEK 600 million for the properties.
The properties are of high quality and are located in central logistics clusters in Sweden (Gävle, Mjölby, Ängelholm and Göteborg). All properties are fully let with an average combined remaining lease term of approximately 10 years. Lettable area is approximately 109,000 sqm. Largest tenants are Runsven AB, Lindex AB and Clas Ohlson AB, which combined totals 75% of yearly net rental income of SEK 42 millions.
The investment is financed through equity and a loan totaling SEK 420 millions with interest corresponding to STIBOR added 1.20% margin.
- The acquisition of this portfolio underlines our focus on high quality properties, located in central logistics clusters, and with solid tenants. This focus drives strong recurring income and cash flows and facilitates future value growth, says Erik Dahl, CFO and acting CEO of NLP. He adds that the portfolio has a development potential as well as high technical standard, as all properties are built or refurbished from 2000 to 2007.
About Northern Logistic Property ASA
Northern Logistic Property ASA is a leading pure-play logistic property company based in Northern Europe. The company has after this acquisition a property portfolio consisting of 24 advanced logistic properties located in larger and regional cities in Sweden and Denmark, with a total lettable area of approximately 803,000 sq.m. See also www.nlpasa.com.
