AXA IM Alts expands Nordic logistics portfolio with €125m deal

AXA IM Alts expands Nordic logistics portfolio with €125m deal

AXA IM Alts has expanded its Nordic logistics portfolio with the acquisition of two prime properties in Oslo for €125 million.

The company acquired, on behalf of clients, the assets from Nordic property owner and developer Fabritius Gruppen.

The single tenant assets, constructed between 2019 and 2023, total c. 83,000 sqm and c. 23,000 sqm respectively, and are 100% occupied by Norway’s largest discount retailer and an international freight forwarding and logistics provider, with a combined WAULT  of more than 10 years.

In line with AXA IM Alts’ global sustainability approach, the property’s strong environmental credentials include the utilisation of renewable energy sources and PV solar panels.

The properties are located on the Moss Næringspark business park, a well-established logistics cluster in South Oslo. They benefit from exceptional transport connectivity, with direct access to the E6 highway, the main motorway connecting Norway and Sweden, and Northern Europe, as well as the Port of Moss, one of the Oslo region’s most strategic seaports.

The Nordic e-commerce market is forecast to grow by 7% in 2023 , with a scarcity of land continuing to underpin strong rental growth. This acquisition brings AXA IM Alts’ total European direct equity logistics platform to over €5 billion AUM across 4.3 million sqm in 11 countries2 , a sector sustained by favourable structural trends including a supply /demand imbalance, driven by shifts in worldwide consumption habits.

Fredrik Söderlund, Head of Asset Management & Transactions, Nordics at AXA IM Alts commented: “This acquisition of a high-quality, sustainable and well-let portfolio, in a key strategic location furthers our exposure in one of our high conviction sub-sectors. Demand for flexible and modern warehouse space with excellent transport links has been unaffected by wider macroeconomic volatility, driven by the growth of commerce, multi-channel retail and global business-to-business distribution.”

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