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.
Solid buyer
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.
Long-term investment
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, ts@mollereiendom.no
Geir Løseth, Partner, Stokke Industri, (+47) 909 89 114,
