JLL advised NREP on the sale of an urban logistics portfolio for €135m

The portfolio consists of 22 assets in Helsinki and Tampere regions with a total gross lettable area of approximately 133,000 sq m of which some 80% of the value is in the Helsinki Metropolitan Area.

The closed-ended limited liability company Aktiivihallit Ky was managed by Aktiivitilat AM Oy, a Finnish investment manager, who has aggregated the portfolio and successfully executed a comprehensive business plan to generate substantial value. This involved strategies such as leasing up, optimizing the tenant mix, actively refurbishing the assets and enhancing the overall energy efficiency of the entire portfolio.

The completion of the sale requires approval by the Finnish Competition and Consumer Authority, which is expected by the end of July 2024.

Joonas Lemström, Head of Finland at NREP:"NREP established a joint venture with Aktiivitilat AM Oy in 2019, with an investment strategy focused on flexible multi-purpose urban logistics properties with potential to add value through active asset management initiatives and sustainability improvements. The current transaction is significant for us and exemplifies the successful execution of our investment strategy together with Aktiivitilat”                                                                                         

Jukka Torvinen, Managing Director at Aktiivitilat AM Oy: “The urban logistics market has been a great opportunity for us. It requires hard work, “hands-on” attitude, a lot of active leasing and renovations – but if you understand the assets and occupiers’ needs, there is value to be created. We are happy to see that this part of real estate market is getting recognized also in Finland and the portfolio is ending into very professional hands.”

James Seppälä, Head of Real Estate Europe at Blackstone, added: We are excited to acquire this collection of well-located urban assets. Finland is one of our key logistics markets in the Nordics, especially Helsinki, where we continue to see low vacancy levels and strong demand for infill warehouse space,”

Tero Uusitalo, Head of Capital Markets, JLL Finland: ”We are extremely pleased to have advised NREP and Aktiivitilat AM Oy successfully on this landmark transaction. JLL’s multidisciplinary project team, comprising the expertise of our local, EMEA, and debt teams, conducted an extensive marketing process that yielded outstanding results for our clients. Furthermore, this marks our fourth successful transaction in Finland in Q2 2024, so I am super proud of JLL's exceptional ability to navigate through the challenging market conditions.”

JLL acted as commercial advisor to NREP and Avance Attorneys as legal advisor. Blackstone was advised by Cushman & Wakefield, Roschier, PwC, Arcadis and Nova Ambiente.