Logistea AB has entered into an agreement to acquire a cold storage and logistics property at Kisällintie 11b in Piispankylä, Vantaa. The property is located close to the intersection of Ring Road III and the Tampere motorway, about 10 minutes east of Helsinki Airport.
Based on the author’s knowledge, the seller was Bama Fresh Cuts, which will also remain as tenant of the property. The underlying agreed property value is approximately EUR 13 million. The property has a lettable area of 6,078 m², which corresponds to EUR 2,100/m².
The building was completed in 2023 and consists mainly of cold storage, production and warehouse space, with a smaller share of office space. The property has been fitted for food production, which has required significant investments in the building and its technical installations.
In connection with the closing, a new lease agreement will be signed with Bama Fresh Cuts. The annual rental income is EUR 976,000. The initial lease term is eight years, with an option for both parties to extend the lease by four years. Based on the agreed property value and the annual rental income, the initial yield is 7.5%.
Bama Fresh Cuts operates in the production and distribution of salad products. Under the lease, the tenant is responsible for all operating and maintenance costs, including insurance.