Logistea AB (publ), a fast-growing real estate company in warehouses and logistics with strong cash flows, has acquired two properties in the Swedish municipalities Mullsjö and Gnosjö with a combined property value of MSEK 66. The properties, which are fully let, together consist of a leasable area of approximately 8,300 sqm and approximately 8,000 sqm of building rights. Annual rental income totals MSEK 5.1 and net operating income MSEK 4.9. The average remaining contract period is just over 14 years.
Logistea has acquired a property in SE-Mullsjö/Jönköping and a property in Gnosjö. The property in Mullsjö (Mullsjö Gyljeryd 1:43) is strategically located with proximity to the train station and good railway connections as well as national road 26, which is Sweden's longest national road, and close to the European highway 4 (E4). Leasable area amounts to approximately 5,900 square meters. In addition to the existing building, there is also developmentable land where it is estimated that there is an opportunity to develop approximately 8,000 square meters of new lettable area. The present building is fully let with an average remaining contract length of 15 years. Annual rental income amounts to MSEK 3.4 net operating income to MSEK 3.2. The transaction is based on a property value of MSEK 46. Closing is estimated to take place February 28, 2022, and Logistea is financing the purchase through a directed new issue of new Class B-shares, bank loans and cash payment.
The property in Gnosjö (Gnosjö Gårö 1:370) is located in an established industrial area close to the European highway 4 (E4). Leasable area amounts to approximately 2,400 square meters. Present property owners have signed a 12-year triple-net agreement with Logistea. Annual rental income amounts to MSEK 1.8 net operating income to MSEK 1.7. The transaction is based on a property value of MSEK 20. The property in Gnosjö is accessed December 30, 2021, and Logistea will finance the purchase through a directed new share issue of 345,000 new Class B-shares and cash payment.
The acquisition of the fully leased properties in Mullsjö and Gnosjö further strengthens Logistea's earnings and cash flow, while continuing to expand our portfolio of warehouse and logistics properties in attractive growth regions, says Tobias Lövstedt, COO, Logistea.
Logistea's property portfolio has grown from MSEK 189 in property value to circa MSEK 2,300 in two years. Following the acquisitions of the properties in Mullsjö and Gnosjö, the company has a property portfolio corresponding to approximately 355,000 square meters of lettable area, of which approximately 325,000 square meters consist of investment properties. In addition, there is a building rights portfolio of approximately 170,000 square meters.