Hines, the global real estate investment, development, and property management firm, has successfully acquired its inaugural asset in Sweden through its Hines European Property Partners (HEPP) core-plus fund.
Entering into a sale and leaseback agreement, Hines sealed the deal with Nobia, one of Europe’s major kitchen companies. The agreement covers Nobia’s new production facility in Jönköping, a prominent industrial center in southern Sweden along the shores of Lake Vättern.
The transaction, valued at SEK 1,350 million, involves a 20-year rental agreement with Nobia, with an option to extend for an additional 20 years. Construction of the 129,500 square-meter facility, slated for completion in autumn 2024, aligns with HEPP’s commitment to environmentally and socially sustainable buildings, targeting a BREEAM Excellent rating.
While the facility will serve as Nobia’s primary manufacturing hub for custom-built kitchens, it is also designed for traditional logistics and distribution purposes. Nobia, listed on the Stockholm Stock Exchange, oversees operations across seven countries and is the parent company for well-known brands such as Marbodal, HTH, Sigdal, uno form, and Magnet.
Hines’ entry into Sweden marks a significant milestone in its northern European expansion, now operating in 14 European countries. Since 2015, Hines has strategically acquired assets in Norway, Denmark, and Finland, managing its Nordic portfolio from its Copenhagen base.
This move aligns with Hines’ broader strategy to grow its industrial, data center, and logistics platform across key European locations. In the 12 months leading up to September 2023, Hines completed approximately €770 million in industrial and logistics transactions, bringing its assets under management in this sector to €3.8 billion, with €951 million in the pipeline.
James Robson, country head – Nordics at Hines, remarked, “This represents an excellent fit for Hines’ ambitions to grow its portfolio of high-quality industrial assets in great locations across the continent. We look forward to continuing our relationship with Nobia as our tenant.”
Jon Sintorn, President and CEO of Nobia, highlighted the financial benefits for Nobia through the sale and leaseback arrangement, reinforcing their position while becoming long-term tenants in the new highly automated kitchen factory.
Hines received advisory support from Törngren Magnell & Partners, Rambøll, Newsec, and PwC, with legal advice provided by White & Case and transaction advisory by Savills Sweden Investment AB.
Marketing Communication
About Hines
Hines is a global real estate investment, development, and property management firm operating in 30 countries. Managing nearly €87.1B¹ in assets, Hines is committed to a net-zero carbon target by 2040. For more information, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of June 30, 2023.
About Hines European Property Partners (HEPP)
HEPP is a diversified open-ended real estate core-plus fund launched in Q2 2022. Focused on key European markets, HEPP leverages Hines’ vertically integrated platform, seeking sustainable assets across logistics, office, residential, student, and senior housing sectors.
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