Logistea AB has acquired a site leasehold in Turku, Finland, from CapMan Nordic Real Estate III fund. The agreed property value is around €10.5 million.
The asset has a lettable area of 9,069 m². The pricing corresponds to around €1,150/m². Annual rental income is €972,000.
The property has a rare airside location, enabling package handling directly to and from aircraft. It is let to five tenants, with FedEx and DHL accounting for around 90% of annual rental income. FedEx has occupied the cross-dock terminal since its completion in 2003, while DHL has been a tenant for 18 years.
The site leasehold has 51 years remaining, with a 50-year extension option on unchanged terms and market value compensation at expiry.
CapMan Nordic Real Estate III fund acquired the asset in 2022. According to CapMan, the sale follows the execution of its full value creation plan, including a 30% increase in NOI, stronger operations and upgraded sustainability.