NREP Logicenters starts the development of a 44,000 sqm distribution centre in Vestby, Oslo. Prime Cargo is signed up as the first tenant

November 2, 2017

NREP Logicenters, the largest owner and developer of modern logistics properties in the Nordic region, starts the development of a 44,000 sqm distribution centre in Vestby, a key logistics hub around Oslo

NREP Logicenters starts the development of a modern 44,000 sqm warehouse located in Vestby, Oslo. First tenant to move in is Prime Cargo AS, a fast growing 3PL company that already has operations in the area.

”We are very satisfied that Prime Cargo has chosen Logicenters as their long term partner for consolidating their current three warehouses into this one new and modern distribution centre in Vestby. Prime Cargo has a strong customer base and large ambitions to grow. We look forward to the cooperation and to hopefully contribute to their continued success in the years ahead”, comments Lars Christian Andrésen at NREP Logicenters.

“With this new 15-year agreement, NREP Logicenters once again proves the benefit of a consistent market presence and a wide local network, enabling us to develop new properties. We now strengthen our presence further in the Oslo region and Vestby which is an important logistics location in Norway”, comments Matthias Kettelhoit, Commercial Head of NREP Logicenters.

“As we were growing out of our existing premises, due to both mergers and organic growth, Prime Cargo was looking for a partner to facilitate a brand new office and warehouse. After several bidding rounds with different developers, the choice fell at NREP Logicenters where both price and flexibility were key to our choice of partner. Additionally, an experienced partner to secure a smooth implementation of the project was also an important criteria. Logicenters being a leading developer in the Nordic region with a number of satisfied reference companies, made us comfortable with our decision. Finally, we wish to highlight Logicenters’ willingness to be proactive and capability to offer flexible extension solutions that fit our increasing storage needs and growth ambitions”, comments Bjørn Davidsen, General Manager at Prime Cargo.

The property will be developed in NREP Nordic Strategies Fund II, which mainly focuses on logistics, residential and retail properties in the Nordic region and is backed by a number of international blue chip institutional investors. The fund made its first investments in the spring of 2016 and has an investment capacity of more than EUR 1.5 billion.

For additional information, please contact:

Matthias Kettelhoit, Commercial Head of NREP Logicenters, +46 70 583 44 06

Published: November, 2 2017