Savills Investment Management (Savills IM) has sold a logistics property in Gothenburg on behalf of their Nordic Logistics Club Deal. The buyer is Swiss Life Asset Managers Nordics on behalf of one of their funds and a group of investors.

The facility was built in 2009 and was extended in 2014, comprises approximately 25,700 square meters of rentable area and is located in the Backa industrial area in direct proximity to central Gothenburg and with good connections to the E6 and the Port of Gothenburg.

The property is fully leased to an established logistics operator and functions both as a transshipment platform for goods and as a distribution center for the region. The building has a class A energy declaration and during the ownership period several improvement measures have been carried out such as expansion of the "last-mile" warehouse as well as several ESG-related improvements to reduce the property's carbon footprint.

Savills IM's Nordic Logistics Club Deal was launched in 2014 with German institutional investors as a German Spezialfond with eleven assets mostly in Sweden, Norway, Denmark and Finland. Savills IM manages properties in the Nordics to a total value of approximately EUR 1.6 billion for various funds and mandates.

"This sale shows that there is strong interest in investing in high-quality logistics locations with urban elements and with strong ESG characteristics. This fund has once again exceeded expectations, delivering a strong return and a good total return over the 10-year investment period. Backa represents the tenth sale for the fund and we expect to sell the last remaining asset later in the year," says Peter Broström, head of Nordics at Savills IM.

"This transaction underlines our belief that the Nordic investment market for logistics properties is back with a competitive bidding process from various investor categories. We are very pleased with the outcome of this sale but also continue to look for additional logistics assets to acquire in the right locations within the Nordic market," says Lisen Heijbel, investment manager Nordics at Savills IM.

DLA Piper has acted as legal advisor to Savills IM in the deal and Savills has acted as sales advisor.