DWS has paid €141.6 million for a logistics property in Jönköping, Sweden.
The property was bought from Savills Investment Management’s Nordic Logistics Club Deal fund on behalf of one of DWS’s German open-ended retail real estate funds.
The asset is leased to El-Giganten Logistik, one of northern Europe’s largest electronics companies, on a long-term basis. The 112,000 sq m facility has fully automated sorting and storage facilities which enable efficient, high capacity service covering Norway, Sweden, Denmark and Finland.
DWS said in a statement that the long-term sole use and successive expansion of the building demonstrates the strategic importance of the location for the tenant, given its location within the Nordic Trade Triangle between Malmö, Gothenburg and Stockholm.
“We will continue to focus on assets with strong tenant profiles in well-established locations with access to large consumer markets across Europe,” said DWS head of real estate transactions Europe Ronen Ribak.
The deal follows DWS’s recent forward funding of a €146 million logistics development in Eskilstuna, Sweden, for occupier Coop Logistik. That transaction, on behalf of DWS’ open-ended institutional real estate fund Europe II, occurred earlier in December.
DWS Group had €759bn of assets under management as of 30 September 2020.