NP3 acquires retail and logistics assets worth €62m

NP3 Fastigheter (NP3) has acquired 30 properties across seven separate transactions, totaling SEK 685 mln (€62 mln) in property value.

NP3 assets

These acquisitions primarily consist of grocery stores and industrial properties, spread across various locations within NP3's market areas, including Gävle, Falun, Luleå, Umeå, Sandviken, Borlänge, Timrå, Ljusdal, and Hudiksvall.
The newly acquired properties boast a combined leasable area of 51,700 m2 and sit on plots totaling 228,100 m2. They generate an annual rental value of SEK 66.2 mln (€6.0 mln) and have an average occupancy rate of 96%. The existing leases have an average remaining term of 8.0 years.
Seven of these properties are already occupied, while 21 more will be occupied by the end of the third quarter. The remaining two will be occupied at the beginning of the fourth quarter, with one requiring approval from the Inspectorate for Strategic Products (ISP). Coop Mitt is the dominant tenant, accounting for SEK 57.2 mln (€5.2 mln) in annual rental value across 22 leases.
Andreas Wahlén, CEO of NP3 Fastigheter, commented: “NP3's existing management organization reaches 96% of the property value within 30 minutes of our existing property portfolio. This allows us to offer Coop Mitt good and local management while at the same time utilizing economies of scale and thus obtaining a good risk-adjusted return on our investment. Through the deal, Coop Mitt becomes one of NP3's larger customers and we look forward to a long-term collaboration.”
Coop Mitt CEO added: “Coop Mitt is a stable economic association with the goal of delivering value to our owners who are also our customers. Our focus should therefore be on our in-store offering and not on property management. We see NP3 as the best long-term partner to give us that opportunity.”
As of June 30, NP3’s portfolio comprised 575 properties, located mainly in northern Sweden, totalling 2.26 mln m2 of rentable space. These properties fall into various categories, including industrial, logistics, retail, office, and other commercial uses. The total value of the property portfolio was SEK 24.5 bn (€2.2 bn).