Nordic real estate investor Nrep has sold a Finland urban logistics portfolio to funds managed by Blackstone for €135 million.
The Aktiivihallit Ky portfolio consists of 22 assets in Helsinki and Tampere, with a total gross lettable area of approximately 133,000 square metres.
The closed-ended limited liability company Aktiivihallit Ky was managed by Aktiivitilat AM, a Finnish real estate asset and investment management company, with a strategy to invest in light industrial premises in urban locations, including warehouses and also small industrial facilities. The joint venture managed the urban logistics portfolio to enhance the sustainability profile of the properties and also lease the premises to high-quality tenants.
Pioneering focus
Joonas Lemström, Head of Nrep Finland, says, “Nrep’s joint venture with Aktiivitilat had a pioneering focus on the urban logistics segment, where we identified growing occupier demand, particularly in strong locations in Helsinki metropolitan area. Key to our investment strategy from the outset was finding a partner with a customer-oriented approach and the ability to implement sustainability-driven asset management initiatives, and in Aktiivitilat we found just that.
“Our active asset management has considerably improved the sustainability credentials of the portfolio and successfully leased premises to an attractive tenant base. The disposal, which aligns with our intended business plan, is one of the most significant transactions undertaken by Nrep in Finland in recent years.”
Urban logistics sector delivers great opportunity
Jukka Torvinen, CEO of Aktiivitilat AM Oy, says, “The urban logistics sector has delivered great opportunity for us. It requires a hands-on approach, active leasing, and always focusing on the customer’s needs. We are happy to see that this segment of real estate market is getting the recognition it deserves.”
James Seppala, Head of Real Estate Europe, Blackstone, says, “We are excited to acquire this collection of well-located urban assets. Finland is one of our key logistics markets in the Nordics, especially Helsinki, where we continue to see low vacancy levels and strong demand for infill warehouse space.”
Nrep was advised by JLL, Avance and also PwC. Blackstone was advised by Cushman & Wakefield, Roschier, PwC, Arcadis and also Nova Ambiente.
The completion of the sale requires approval by the Finnish Competition and Consumer Authority, which is expected by the end of July 2024.
