Logistea acquires logistics property in Finland for €9.7m

Swedish real estate company Logistea has purchased a logistics property in Turku, Finland, from CapMan Real Estate for SEK 114 mln (€9.7 mln).

Turku terminal

The airside logistics and last-mile property at Turku Airport spans 9,069 m2 and generates SEK 10.6 million in annual rent from five tenants, with FedEx and DHL accounting for approximately 90% of that income.

This acquisition expands Logistea's portfolio with a strategically located property directly connected to the airport, allowing for efficient package handling. The property is a critical hub for both air and ground freight within the Finnish and Nordic logistics network.

FedEx has occupied the cross-dock terminal since it was built in 2003, and DHL has been a tenant for 18 years. The leasehold has 51 years remaining, with an option to extend for another 50 years on the same terms, plus market value compensation upon expiry.

Under CapMan Real Estate's ownership, the property saw substantial operational improvements, including a more than 30% increase in Net Operating Income (NOI). Sustainability enhancements were conducted, such as LED lighting, upgraded social facilities, electric vehicle chargers, a docking traffic light system, and office cooling.

The deal was funded using Logistea's existing capital.

Anders Nordvall, deputy CEO and CIO of Logistea, stated: "We are happy to continue to grow our Finnish portfolio and announce Logistea’s first acquisition in Turku, Finland. The asset is anchored by international and financially solid tenants and has a mission-critical location in one of the growth centres of Finland."

Aleksi Konsti, head of Finland at CapMan Real Estate, commented: "We are pleased to have completed our business plan for this strategically located logistics asset and to hand over the property to its new owner. Logistics assets serve strong structural demand trends such as e-commerce, and this transaction highlights our active asset management ability to enhance the operational performance of the properties.”