Areim sells Swedish light industrial portfolio to Hines

Nordic fund manager and property owner Areim has sold a portfolio of ten light industrial properties in Sweden to Hines European Property Partners. 

Hines acquisition of light industrial portfolio

The portfolio, totalling about 28,000 m2, consists of properties in prime "last-mile" locations in Gothenburg, the greater Stockholm area, and Uppsala.
These properties are 94% occupied, with tenants from diverse businesses and an average remaining lease term of 8.4 years. The locations boast excellent transport links and easy access to major road networks. The deal officially closed on October 16.
Areim still retains a substantial Swedish light industrial portfolio of approximately 70 properties, covering around 337,000 m2, across several key cities including Greater Stockholm, Uppsala, Gothenburg, Västerås, and Norrköping. This remaining portfolio also includes significant development opportunities and unused building rights.
Julia Mejegård, head of Investments, Sweden, Areim, stated: “We are pleased to announce this divestment as it marks a successful conclusion of a value-creating journey. During our ownership, we have enhanced the quality of the properties and established a stable, long-term income profile. The portfolio clearly illustrates Areim’s business model, where a research-driven investment rationale is paired with dedicated, tenant-focused asset management and development. Even after this divestment, Areim maintains a strong light industrial platform in these geographies, and we remain focused on increasing property values and delivering solid returns.” 
David Almqvist, senior partner, Capital Markets, Croisette Real Estate Partner, added: ”We are proud to once again, within a short period of time, have been asked to advise Hines on the commercial due diligence of a prime warehouse and light industrial deal on the Swedish market. Our unique market data continues to provide a solid foundation for our clients as they enter or expand their portfolios in Sweden”.
Croisette Real Estate Partner advised Hines on the acquisition, while Areim was advised by Wigge.