Catena has acquired a strategically located logistics property in Aviapolis, Vantaa, next to Helsinki Airport. The property serves as DHL’s principal logistics hub in Finland.
The asset, located at Katriinantie 14–16, comprises a combined terminal and warehouse facility as well as office premises. The total lettable area amounts to 41,800 m². The property was completed in 2006 as a built-to-suit facility for DHL.
The acquisition is being carried out through a share deal at an underlying property value of approximately €67 million (assumed SEK exchange rate of 10,8). This corresponds to €1,600/m². The acquisition is financed through cash and external credit facilities. The seller was DWS, Deutsche Bank’s asset management arm.
The acquired property is expected to generate an annual net operating income of €4.0 million. Based on the underlying property value and annual net operating income, the initial yield is 6.1%.
The plot comprises 115,700 m² of land and includes remaining development rights of 14,800 m². The location in Aviapolis supports logistics operations requiring strong airport connectivity and access to the Helsinki metropolitan area.
Extensive sustainability upgrades are being implemented at the property, including geothermal heating and photovoltaic solar installations. The property is certified under BREEAM In-Use at the “Excellent” level.
The main tenants are DHL Supply Chain (Finland) Oy, DHL Freight (Finland) Oy, DHL Global Forwarding (Finland) Oy and Sodexo. The logistics areas are fully let, while some office premises remain vacant.