Allianz and CBRE Global Investment Partners acquire Nordic logistics real estate portfolio
Munich, 02/01/2019
Allianz and CBRE GIP have joined forces and acquired a Nordic logistics portfolio through a Norwegian fund vehicle managed by Ness, Risan & Partners (NRP).
The portfolio consists of eight logistics properties in Sweden and Denmark with a total value of more than SEK 4 bn (EUR 390 mn) and a lettable area of more than 400,000 sqm leased out to blue-chip tenants on long-term leases (weighted average lease period, ~12 years). The portfolio has been built up by NRP and was previously owned by a combination of direct investors and two funds managed by NRP.
“The portfolio is a good platform for continued growth in the Nordics. It is diversified, with solid long lease contracts and a definite potential to create further value,” said Hugues Braconnier, Head of Logistics at Allianz Real Estate.
“The portfolio holds high quality long leased assets at strong micro locations in the Nordics region. We are confident that the NRP platform is well placed to manage and expand this portfolio,” said Alexander van Riel, Head of Continental Europe at CBRE GIP.
The buying fund will be managed by NRP and will focus on logistics properties in the Nordics, with a mandate to grow the portfolio with new acquisitions.
Eirik Forthun, Partner and Fund Manager at NRP Asset Management AS, commented: “We firmly believe this portfolio will continue to generate dividends and long-term value for investors and look forward to cooperating with Allianz and CBRE GIP.”
NRP is an Oslo-based, alternative investment manager in the Nordic real estate market. It is one of the largest holders of non-listed Nordic logistics properties, totaling approx. 1.5 million sqm within the logistics segment alone. Wilfast Förvaltning AB will continue as property manager for the portfolio.
Founding Partner at NRP Asset Management AS, Thorbjørn F. Pedersen said: “It has been an exciting journey constructing this quality portfolio together with our investors. We are pleased to continue this journey with CBRE GIP and Allianz and to build on what is already a prime portfolio.”
The main advisors have been Advokatfirmaet BAHR AS, Setterwalls Advokatbyrå AB, Real Asset Partners, Source AG.
The buyers have been advised by Linklaters (legal), EY (tax and financial), Sweco (technical) and Aon (Insurance).
When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.
"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, 479 Lujiazui Ring Road, Shanghai Tower, Pudong New District , Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.