Nrep and Southbay form JV for Swedish Logistics Properties

Southbay and Nrep have formed a strategic joint venture to develop logistics properties in Sweden. 

Norra Hamnen

The venture will focus on modern, sustainable facilities and begin with a brownfield investment in Norra Hamnen, Malmö.
Matthias Kettelhoit, formerly CEO of Logicenters, will lead the joint venture, bringing his extensive experience in the logistics sector. The partnership aims to build a Swedish logistics property portfolio worth approximately SEK 3 bn (€272.5 mln), emphasizing flexible and sustainable facilities that meet current and future logistics needs.
The joint venture is between Nrep, a real estate investor with the Logicenters logistics platform, and Southbay, a real estate investor founded in 2024 by Rickard Dahlberg and others. Their first project involves acquiring the Värmet 3 property in Norra Hamnen, Malmö, to construct two logistics facilities totalling around 40,000 m2 GFA. The construction, planned to start in 2026, will be phased based on lease signings and adhere to high environmental standards.
The seller of the Värmet 3 property in Malmö is Swedish real estate company Stenhus, and the purchase price is confidential.
Matthias Kettelhoit, responsible for the joint venture between Southbay and Nrep, said: “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 Southbay’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.” 
Felix Paljak, CIO and partner at Southbay, commented: “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.” 
Kristoffer Sandberg, head of Investments Logicenters, Nrep, added: “We are pleased to start a close collaboration with Southbay 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.” 
Elias Georgiadis, CEO of Stenhus Fastigheter, said: “Another big step in the right direction and an important piece of the puzzle in Stenhus’ strategy that will lead to increased management results and reduced vacancy rates. Many thanks to the entire Stenhus organization for this important step”.