Hines, through its European core-plus property fund, has acquired its first asset in Sweden through a sale and leaseback.
The global real estate fund manager is investing SEK1.35 billion (€119 million) on behalf of its Hines European Property Partners (HEPP) to buy a production facility being built in Jönköping from kitchen furniture company Nobia.
The transaction included Nobia entering a 20-year rental agreement on the property with HEPP, with an option to extend the agreement for a further 20 years.
Construction of the 129,500 square metres facility began in 2021 and is scheduled for completion in autumn 2024.
The transaction represents Hines’s entry into Sweden, as the firm grows its presence in northern Europe. Hines, which now operates in 14 European countries, has been acquiring assets in Norway, Denmark and Finland since 2015.
Source: realassets.ipe.com on the 22nd of January
https://realassets.ipe.com/news/hines-makes-debut-in-sweden-with-sek14bn-sale-and-leaseback-deal/10071128.article