“We are delighted that M&G has chosen to invest in Brunna, where we have been active in developing one of Stockholm’s most attractive logistics nodes. Expanding e-commerce is driving demand for more attractive and sustainable logistics properties, a segment in which we aim to remain a leading player,” says Katarina Wåhlin Alm, Manager, NCC Property Development in Sweden.
Lyckobrunnen is NCC’s fourth logistics project in the Brunna Logistics Park in the Municipality of Upplands Bro outside Stockholm, Sweden. The property encompasses approximately 12,800 square meters and is fully leased to the businesses Orvelin Group, Cosentino and Engelmanns.
“We are very pleased to acquire this newly developed logistics asset with long term cashflow for the M&G European Property Fund in one of the best logistics locations in the Nordics. In today’s market, where larger logistics portfolios are traded at a premium, we prefer to acquire assets individually to secure higher returns for our investors,” says Thorsten Slytå, Director of Nordic Region at M&G Real Estate.
The transaction will take the form of a company divestment with an underlying property value of SEK 190 million and is expected to have a positive impact on earnings in the second quarter of 2019 for the NCC Property Development business area.