Niam has signed an agreement with Wästbygg Gruppen's company Logistic Contractor, to acquire a logistics property that is under construction at Gardermoen in Oslo, Norway. The property, of approximately 64,000 square meters, is fully let to the installation distributor Ahlsell on a fifteen-year lease, whereby they will establish their new central warehouse in Norway. Completion of this new central warehouse is planned for summer 2025.

"We are delighted to once again cooperate with Wästbygg Gruppen and to be able to add yet another modern logistics facility to our Nordic portfolio. The deal has been achieved through a mix of forward funding and forward commitment and is an example of Niam's ability to structure deals in a way that suits all parties. Going forward, our expansion journey will continue and we are actively looking to acquire quality logistics facilities in strong logistics nodes around the Nordics," says Henrik Gerdin, Fund Manager at Niam.

"This is Niam's first investment in logistics in Norway, and we are very pleased to purchase a state-of-the-art and pioneering logistics building with expansion opportunities that will support Ahlsell's growth ambitions. The property is being developed by Logistic Contractor and in close collaboration with Ahlsell, which has high sustainability ambitions for the new facility. A solar park will be installed on the roof and geothermal heat has been selected as the heating source. The new Ahlsell warehouse will likely be the largest ever built in Norway and we look forward to following the construction process," says Morten Roland, Niam's Country Manager in Norway.

The plot, located in Eidsvoll north of Oslo, covers 266,000 sqm and the 64,000 square meter facility has an additional development potential of 20,000 square meters. The geographical location is a major advantage with close proximity to the International E-road network, train station and airport. The project has a strong ESG profile and the building will be environmentally certified according to Breeam-NOR 6.0 Very Good.