Logistea has entered into an agreement to acquire the property Industriveg 1, gnr. 4, bnr. 85 in Time municipality in Norway. The property has an underlying agreed property value of EUR 42.3 million before deduction of EUR 1.9 million, including deduction for deferred tax. Home Brands AS leases all areas in the property, which has a lettable area of ​​31.110 square meters. Annual rental income amounts to approximately EUR 3.2 million with a remaining lease term of 15 years.

The property was built in three phases; 1987, 2021 and 2025 (with the latter two phases constituting approximately 55 percent of the total area). Occupancy is expected to occur in early April 2025.

The property is equipped with solar cells. The tenant Home Brands AS itself has recently invested in an autostore facility in the building. The areas consist of warehouse and logistics. The lease is a triple-net agreement where the tenant pays all operating costs.

“We are growing further through the acquisition of a high-quality property in an attractive and well-established area in the Stavanger region in Norway. Through the acquisition, we are further extending our lease duration with a well-established and expansive tenant. It is very pleasing that we have recently completed acquisitions in both Sweden and Norway while continuing to actively evaluate interesting business opportunities throughout the Nordic region,“ says Anders Nordvall, Vice President and Head of Transactions, Logistea.

The deal is financed with bank loans and own funds.