Acquired as part of Baring's core strategy in 2022, the site at Örebro Ånsta 20:272 will be developed with a modern logistics building of approx. 30,000 sq m rentable area. The building will house Mitsubishi Electric's Nordic central warehouse, and construction will start in February 2023 with expected completion in December 2023. The building will be built to the Environmental Building Silver level, and Barings aims to certify the building to BREEAM Excellent "In use".

Logistic Contractor is the contractor who will build the roughly 30,000 square meter building, and after the lease to Mitsubishi Electric, approx. 7,000 square meters remain to be rented out.

During the past twelve months, Barings has made approx. 65,000 square meters of new leases within logistics in Sweden, and manages assets to a value of approx. EUR 930m in the Nordics for Baring's core and value add funds.

Savills carried out the leasing assignment, and Broadgate acts as project manager and initiated the leasing to Mitsubishi Electric.

"We are very satisfied with this establishment in an excellent logistics location, the new warehouse is an important part of our expansion in both the Nordics and the Baltics. With this establishment, we are reaching new heights for capacity, efficiency and sustainability," says Anders Moström, responsible for Mitsubishi Electric's logistics and property establishments in Sweden.

"Mitsubishi Electric's decision to make our property its central warehouse for the Nordics is a good mark for our high sustainability goals, which we have for this development. This is the latest major letting in a long series of lettings that we have made in our Nordic logistics assets in recent times. It shows the strength of this sector and is one of the reasons why we as a company continue to explore logistics investments in the Nordics and in Europe," says Kristina Johnson, Head of Asset Management for Baring's Nordic operations.

"There are many of us who have worked hard for this and it feels very satisfying that the deal is done! I would like to extend a big thank you to Mitsubishi Electric, Logistic Contractor and of course Barings for a very good collaboration during the journey," says Rikard Lindkvist, Head of Industrial & Logistics at Savills Sweden.