Logistea AB (publ) has today acquired a property in Alingsås with an underlying property value of SEK 275 million and a lettable area of approximately 19,100 square meters. Annual rental income amounts to SEK 20.9 million with an average remaining lease duration of approximately nine years.
Logistea is expanding its property portfolio and has today acquired a property in Alingsås. The property, Bulten 1, is strategically located near highway E20 and close to Gothenburg. The acquisition is financed through bank loans and own funds. Closing will take place on 15 December.
The property has a total lettable area of approximately 19,100 square meters. Tenants are ABB and NKT. Annual rental income amounts to SEK 20.9 million excluding media surcharges with an average remaining contract length of approximately nine years.
“We are acquiring a well-managed property in an attractive location that is fully leased on long leases to ABB and NKT. The quality of the property and the financially very strong tenants as well as the duration of the agreements mean that we are further strengthening our property portfolio. Within the property there is also room for extension and new construction, which creates an opportunity for us to develop the property together with both existing and future tenants,” said Anders Nordvall, Deputy CEO and Head of Transactions, Logistea.
In three years, Logistea's property portfolio has grown from SEK 189 million in property value to just over SEK 4.6 billion. The company's growth strategy is to build a property portfolio with strong cash flows in combination with a long average remaining contract period in well-located and growing logistics hubs in Sweden. After the above acquisition, the company owns 69 properties in Sweden with a lettable area of approximately 563,000 square meters, as well as a building rights portfolio of approximately 316,000 square meters.