Kilenkrysset completes a record land sale to Panattoni, Europe's largest developer of industrial and logistics properties. The deal is the largest transaction involving zoned land ever completed on the Swedish market.
“Swedish demand for modern, sustainable warehouse capacity is very high and far exceeds the limited supply. We are convinced that our upcoming projects will be very attractive on the Swedish market. It has been an exceptionally smooth process with Kilenkrysset. The two companies share many values and we look forward to a long-term partnership,” says Fredrik Jagersjö Rosell, CEO of Panattoni Sweden, which recently established its head office in Gothenburg.
The acquisition of SEK 3.1 billion (approx. EUR 300 million) comprises seven sites totalling 121.3 hectares in the Stockholm region and Skåne. The seller was Kilenkrysset, a Swedish family-owned construction and property group. All the acquired land has an approved detailed development plan and the potential to develop a total of 661,450 sq m of gross lettable logistics area (GLA), with an estimated total investment volume of more than SEK 10 billion (approx. EUR 1.0 billion).
The acquired land is located in areas with a high concentration of warehouse and distribution hubs, framed by the country's three largest cities: Stockholm, Gothenburg and Malmö. This golden triangle accounts for 80 per cent of the country's business and population, its most important ports, largest airports and most important transport routes.
“We are expanding in the Western European market, and this record Swedish land transaction is probably our most spectacular entry into a new market so far. The deal was completed only six months after Panattoni opened its first Swedish office in Gothenburg, which proves both the competence of the local team and our ability to provide institutional capital quickly and on a large scale when opportunities arise,” says Robert Dobrzycki, CEO and partner, Panattoni Europe and India.
Panattoni plans to develop 19 warehouses speculatively on the seven sites. Sixteen of these will be built in the Mälardalen region in Strängnäs, Nykvarn and Enköping west of Stockholm, all next to the E18 and E20 motorways. A further two will be located at Rosersberg, 30 km north of central Stockholm on the E20, while one more development will be in Staffanstorp, six kilometres east of Malmö near the E6.
“Panattoni's values match those of Kilenkrysset, and there are many other similarities between us – for example, its founder and owner, Carl Panattoni, is the same age as me, and Panattoni was founded, like Kilenkrysset, in 1986. With our land bank of approx. 30 million sq m and our long-term commitments in detailed development planning and in the construction and financing of our areas' infrastructure, we do not have the capacity to build and develop on all our land on our own. In Panattoni we have found a partner that will fulfil the wishes of both Kilenkrysset and our municipalities: a fast, large-scale development plan which, combined with the municipalities' positive attitude, is estimated to create thousands of jobs. Panattoni's investment will be an important addition to the development of the Mälardalen region for many years to come,” says Jan Persson, CEO, owner and Chairman of the Board of Kilenkrysset.
DLA Piper and WSA (Wesslau Söderqvist Advokatbyrå) were Panattoni's legal advisers. Advokatfirman Glimstedt provided legal advice to Kilenkrysset throughout the transaction, with partner and lawyer Frida Gullstrand leading Glimstedt's team. Angermann assisted Kilenkrysset as property adviser.
For further information, please contact
Jan Persson, CEO and owner of Kilenkrysset
Email: jan.persson@kilenkrysset.se
Phone: (+46) 70- 766 54 04
Helena Kavander, marketing coordinator, Kilenkrysset
Email: helena.kavander@kilenkrysset.se
Phone: (+46)70-778 37 82
Fredrik Jagersjö Rosell, CEO of Panattoni Sweden
Email: fjrosell@panattoni.com
Phone: (+46)73- 385 47 80
Anita Pietrykowska, Panattoni
Email: apietrykowska@panattoni.com
Phone: (+48) 22 540 88 70
Panattoni is the European subsidiary of Panattoni Development Company, one of the largest industrial developers in the world, with 45 offices throughout North America and Europe, where it has been present since 2005, and most recently India. Panattoni is also a top-ranked provider of institutional capital in the European investment market for industrial and logistics investments, with a total of approx. EUR 4 billion in 2021. The company has its head office in Poland and offices throughout Europe in Germany, the United Kingdom, the Czech Republic, Slovakia, the Netherlands, Spain, Portugal, France and Sweden. To date, Panattoni has developed projects throughout Europe with more than 14 million sq m of modern industrial space. Panattoni also specialises in developing bespoke projects to meet the requirements of individual tenants. Such key customers include Amazon, DB Schenker, DHL, Fedex, DPD, XPO, Coca Cola, Weber, Whirlpool, Bosch, Volkswagen and H&M. www.panattonieurope.com
Kilenkrysset is a privately owned property group whose business concept is to build, own and manage properties. Good relationships are our hallmark, with a focus on the long term, satisfied customers and motivated employees. Our property portfolio consists of approx. 395,000 m2 of lettable area, mainly warehouse, logistics and office properties, in 13 municipalities. Together we contribute to community development by planning new urban districts and new logistics and industrial areas on the approx. 30 million m2 of land in our property portfolio. Kilenkrysset has a turnover of approx. SEK 600 m in its construction business and SEK 300 m in property management. For more information: www.kilenkrysset.se
