Press release -
Giant logistics hub sold at record price
The partnership between Møller Eiendom (60%) and Stokke Industri (40%) has sold one of Europe’s most sophisticated distribution centers at NOK ~3.0bn. The buyer is NREP Logicenters.
The 84,800 sqm property near Oslo Airport Gardermoen is a mission-critical food distribution center. The tenant is Coop, which is the second largest grocery chain in Norway. Coop’s own investment in the property amounts to more than NOK 1.0bn. The property is fully let on a 20 years triple net lease contract with full annual CPI-adjustment.
The partnership between Møller Eiendom and Stokke Industri has owned and developed the property since it was finalized in 2015. After an ongoing expansion is completed in the beginning of 2021 the facility will have a GLA of 84,800 square meters.
“We are very pleased to have reached an agreement with a buyer as solid as NREP, who will take good care of this property and the tenant, Coop. This is a high-quality asset, and naturally, it has been a lot of interest from both Norwegian and international investors,” says Thomas Sletten, Chief Investment Officer at Møller Eiendom.
“We invested as partners in 2015, and we had a five-year perspective. We have developed the property in the period, and now the time has come to sell. This is an ordinary step for us as developers,” says Geir Løseth, Partner at Stokke Industri.
Pangea Property Partners has been exclusive sell-side advisor for Møller and Stokke. Law firm Thommessen has also advised the sellers in this transaction.
The Nordic real estate investor NREP is the buyer of the nearly fully automated distribution center which handles between 15,000 and 20,000 different products and can process up to 600,000 cases a day. The property will be managed by NREPs Logicenters business line.
“As the largest developer and owner of modern logistics real estate in the Nordics, NREP Logicenters wants to continue strengthening our presence at strategic locations, which is exactly what we have done with the acquisition of this high-quality asset. This center has close proximity to Oslo and a solid tenant on a long-term lease. This is a long-term investment for us, and we are looking forward to continue the value creation at Gardermoen and be a supportive partner for Coop”, says Jens Petter Hagen, Partner and Head of NREP Norway.
Law firm Wikborg Rein has advised the buyer in this transaction.
For more information:
Thomas Sletten, Chief Investment Officer, Møller Eiendom, (+47) 982 18 797, email@example.com
Geir Løseth, Partner, Stokke Industri, (+47) 909 89 114, firstname.lastname@example.org
Jens Petter Hagen, Partner and Head of NREP Norway, NREP, (+47) 482 78 731, email@example.com
Matthias Kettelhoit, Head of Logicenters, NREP, (+46) 70-583 44 06, firstname.lastname@example.org
About Møller Eiendom:
Møller Eiendom is owned by the family company Aars AS. Their strategy is to own, manage and develop real estate for the future. The company invests in properties with high technical standards and development potential. Møller Eiendom makes a significant contribution to the development of new and attractive urban areas and has a commitment to a more climate-friendly real estate industry. The company has major growth ambitions and the goal is a portfolio valued at NOK 15 billion by 2025.
About Stokke Industri AS:
Stokke Industri AS is a family company owned by Rune Stokke, Maria Loen and their children. The company focuses on investments in industrials, real estate and finance, and works continuously to actively contribute to the companies' long-term value creation. Stokke Industri has been involved in several real estate projects with strong partners in the industry and has a financial portfolio that is managed with support from a leading advisor.
About NREP and its Logicenters business line:
At home in the Nordics, NREP works to improve the built environment to the benefit of customers, communities and cities. With primarily pension funds as investors, NREP believes in long-term sustainable value creation and take a holistic stakeholder approach when developing, operating, and investing in real estate. NREP’s focus is urban development, residential to let, modern logistics and care homes. Logicenters is the name of NREP’s logistics real estate business line and owns ~1.3 million square meters of logistics real estate in the Nordics and has currently close to 300,000 sqm under development. NREP was founded in 2005. Today, the company is recognized as a leading real estate innovator in the Nordics and has 270 employees and more than 2.5 million square meters under management.
Pangea Property Partners is an independent advisory firm focusing on property related corporate finance and transaction services in the Nordics. The company has about 35 employees with offices in Oslo, Stockholm, and London. In addition, we have a strategic cooperation in Finland. Since 2010, Pangea Property Partners has advised on more than 450 transactions with an underlying property value above €35 billion. The mandates include property divestments and acquisitions as well as large corporate transactions, capital raisings and debt financing.