Bockasjö buys Swedavia’s share in Landvetter Logistik Center AB
Bockasjö buys Swedavia’s share, amounting to 50 per cent of the joint venture company Landvetter Logistik Center AB. Bockasjö AB already owns half of the shares. With the acquisition of Swedavia’s shares in Landvetter Logistik Center AB, Bockasjö becomes the sole owner of the company and the two properties the company owns.
The sale takes place on market terms and at an underlying property value of approximately SEK 1 billion, including the property acquired in August this year. Bockasjö will take over the properties immediately. These are under construction and will be ready for occupancy in October this year and June 2020.
Bockasjö and Swedavia formed the joint venture company Landvetter Logistik Center AB in 2015 to develop logistics properties next to Gothenburg Landvetter Airport. Three logistics properties are under construction. The total surface area of 90,000 square metres is rented out and tenants include PostNord TPL, Dawa Däck and Rajapack.
The forecasts and expectations that Swedavia and Bockasjö set in 2015 when the JV company was formed have been met in all areas in connection with the leasing and construction of the third property in terms of schedule and budget.
In the spring, Bockasjö and Alecta sold the jointly owned company Logistikfastigheter Sverige AB, which owned eleven logistics properties in Sweden with a leasable area totalling 300,000 square metres. The transaction was made at an underlying property value of SEK 3.8 billion, and the acquirer was Prologis Inc.
Bockasjö is building a new portfolio of logistics properties in strategically well-placed locations. Six properties are under construction, with a total leasable area of 180,000 square metres, ready for occupancy this year and next. The portfolio now includes the three properties located at Gothenburg Landvetter Airport.
“When we summarise our collaboration with Swedavia and the project to develop the logistics area at Gothenburg Landvetter Airport, we can conclude that we met the goals that were set in 2015 regarding the budget and schedule we adopted. The collaboration with Swedavia has worked perfectly in all areas. Our purchase of three of the properties we already own 50 per cent of, on market terms, is part of our strategy to add interesting logistics properties to the stocks we already have,” says Joakim Hedin, CEO of Bockasjö and also CEO of Landvetter Logistik Center AB.
“The first logistics park at Gothenburg Landvetter Airport is now completed, which is an important milestone that confirms the potential of our investment in Airport City Gothenburg. The sale is yet another example of our successful strategy of creating value through property development in order to reinvest in the competitiveness of our airports,” says Jonas Abrahamsson, Swedavia’s President and CEO.
With its registered office in Borås, Bockasjö Group operates in property development with a focus on logistics in Scandinavia and property management. The Group is equally owned by Joakim Hedin and Paul Frankenius.
FOR MORE INFORMATION, PLEASE CONTACT:
Joakim Hedin, CEO Bockasjö AB, phone +46 (0)705-21 53 00, e-mail email@example.com
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