Platzer becomes the long-term owner of 3 properties in Sörred Logistikpark
Platzer will acquire the properties Sörred 7:21, Sörred 8:12 and Sörred 8:14 from the Joint Venture Sörred Logistikpark for an underlying property value of SEK 1,478 million. Through this deal, Platzer will once again become the sole owner of the three properties totalling just over 90,000 m2, which is in line with the existing agreement in the JV company with Bockasjö. Completion is planned on 30 June 2023.
Platzer is acquiring the fully developed properties Sörred 7:21, Sörred 8:12 and Sörred 8:14 for an underlying property value of SEK 1,478 million from the JV Sörred Logistikpark, which it owns together with Bockasjö. The agreed property value was ascertained through an external valuation and decided by mutual agreement between the parties.
The deal means that Platzer becomes the sole owner of the logistics buildings totalling 90,927 m2 of commercial properties, which are fully let to Volvo Cars, Volvo Lastvagnar, Schenker Logistics and Sportshopen. The properties have a total annual rent of approximately SEK 68 million and an average contract length of 8.8 years, and all of the leases are triple net. Completion is planned for 30 June, at which time the properties will be transferred from associated companies to wholly owned investment properties in Platzer’s accounts.
“Today’s acquisition is in line with the agreement we made in the JV with Bockasjö in 2020, which has proved to be a successful arrangement for both parties. Together, we have developed a modern logistics park that delivers not only in terms of location and efficiency but also in terms of high environmental standards. This is reflected in the tenants who have established themselves in the logistics park. We are now looking forward to taking over ownership and, together with Bockasjö, continuing to develop the area that remains under the JV,” says P-G Persson, CEO of Platzer.
Sörred Logistikpark is a Joint Venture between Bockasjö and Platzer, with each party owning 50%. The JV was formed in 2020 when Sörred Logistikpark acquired Platzer’s properties Sörred 8:12 and Sörred 7:21. Within the JV, Bockasjö acts as the business developer while Platzer has the option to become the sole owner and manager of the completed properties. The two companies’ work together has featured strong teamwork and rapid progress, allowing Sörred Logistikpark to deliver customised solutions with a clear sustainability focus to its customers in a short space of time. All of the buildings are expected to be certified to BREEAM-SE excellent and will be fitted with photovoltaic systems of 500 kW per building. Sörred Logistikpark has a total of 135,000 m2 of commercial premises. Under the JV, 45,000 m² remains under development.
“We are now entering the second phase when the JV sells the completed properties back to Platzer. To be able to stand here after only three years with three fully let sustainable properties would not have been possible without a fantastic effort from our employees and the excellent collaboration with our tenants. We will now continue to work on the development of the remaining 45,000 m², of which 14,000 m² is under construction,” says Joakim Hedin, CEO of Bockasjö..
Vinge Advokatbyrå assisted the buyer in the transaction. Advokatfirman Lindahl assisted the seller.
From its registered office in Borås, BOCKASJÖ GROUP operates in property management and development within the logistics sector at strategic logistics centres in Sweden.
PLATZER FASTIGHETER HOLDING AB (publ) owns and develops commercial properties in Gothenburg worth SEK 27 billion. Platzer is listed on Nasdaq Stockholm, Large Cap.
FOR MORE INFORMATION, PLEASE CONTACT:
Joakim Hedin, CEO Bockasjö AB, tel: +46(0)705 – 21 53 00
P-G Persson, CEO Platzer Fastigheter AB, tel: +46(0)734 – 11 12 22
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