The sale is in line with Swedavia's strategy of creating value for re-investing in the competitiveness of airports through airport-related property development.
Swedavia and Bockasjö founded Landvetter Logistics Center in 2015 to develop logistics properties at Gothenburg Landvetter Airport, as part of Swedavia's investment in the emerging airport city Airport City Gothenburg. Three logistics properties have been erected and all 90,000 square meters of space have been let. Tenants include Postnord TPL, Dawa Tires and Rajapack.
The transaction takes place on market terms and at an underlying property value of approximately SEK 1 billion, including the property Bockasjö bought in August this year. Bockasjö will immediately take on the other two properties. These are under construction and ready to move in October this year and June 2020.
The assumptions and expectations that Swedavia and Bockasjö set up in 2015 when the JV company was formed have been met in all parts regarding schedule and finances in connection with the leasing and construction of the third property.
"When we summarize our collaboration with Swedavia and the project to develop the logistics area at Gothenburg Landvetter Airport, we can conclude that we met the goals that were set in 2015 regarding finances and the timetable we adopted. The cooperation with Swedavia has worked excellently in all parts. That we now buy three of the properties we already own 50 percent of on market terms is part of the strategy we have to add interesting logistics properties to the stocks we already have," says Joakim Hedin, CEO of Bockasjö and also CEO of Landvetter Logistics Center AB.
The capital gain from the sale of Swedavia's share in the company amounts to approximately SEK 80 million and approximately SEK 20 million from the sale of the logistics property. The total capital gain of approximately SEK 100 million will be reported for the third quarter of 2019.
"The first logistics park at Gothenburg Landvetter Airport is now fully established, which is an important milestone that confirms the potential of our investment in Airport City Gothenburg. The sale is another example of our successful strategy of creating value through real estate development to reinvest in the competitiveness of our airports," says Jonas Abrahamsson, Swedavia's President and CEO.