The JV is led by Matthias Kettelhoit, former CEO of Logicenters. Matthias brings extensive experience from the logistics industry, both from the operator side as Business Director at Schenker and CEO of Aditro Logistics, as well as co-founder and CEO of Logicenters.

The partners’ initial target is to establish a portfolio of logistics properties in Sweden with a total property value of approximately SEK 3 billion. The focus is on modern, flexible, and long-term sustainable facilities that meet both current and future operational requirements and logistics needs.

The JV partners are Nrep and South Bay. Real estate investor Nrep has the well-established logistics platform Logicenters, with more than 1.3 million sqm of logistics properties in Sweden. South Bay is a real estate investor founded in 2024 by Nrep’s co-founder Rickard Dahlberg, together with Felix Paljak, Erlendur Hilmarsson, Johanna Wollgård and Tanja Vucetic. The parties and their teams have a long-standing relationship, and logistics specialist Matthias Kettelhoit now heads the joint venture with the mandate to identify, acquire, and develop projects across Sweden.

“We have entered this partnership with a clear common ambition: to become a leading force in the development of modern logistics properties in Sweden. The combination of South Bay’s and Nrep’s market-leading expertise, resources, and local presence gives us a unique ability to act faster and more flexibly than many other players,” says Matthias Kettelhoit, responsible for the joint venture between South Bay and Nrep.

As their first joint project, the parties have acquired the property Värmet 3 in Norra Hamnen, Malmö, one of the Öresund region’s most attractive logistics locations with proximity to the port, motorway network, and international transport flows. The seller is Stenhus.

The existing industrial buildings on the site will be replaced with two state-of-the-art logistics facilities totalling approximately 40,000 sqm GFA. The projects will be developed to the highest environmental standards and with full flexibility to meet tenants’ specific requirements. Construction is planned to begin in 2026 and will proceed in phases in line with lease signings.

“The partnership with Nrep gives us a unique platform to scale up our development activities in Sweden, while also ensuring natural risk diversification as we combine our resources across a larger number of projects,” says Felix Paljak, CIO and Partner at South Bay.

“We are pleased to start a close collaboration with South Bay through a first investment with significant potential. We share the same views on quality, sustainability, and long-term value creation, and we look forward to jointly developing some of Sweden’s most sustainable logistics properties,” says Kristoffer Sandberg, Head of Investments Logicenters, Nrep.