Press Release – CoStar -90 North exits two European assets for £71m
90 North Real Estate Partner LLP has advised on the sale of two of prime European assets for a combined total of £70.5m.
The firm sold Fielden House in the UK to Siemens PLC in April for £21.5m, before selling the Onninen Distribution Warehouse in Norway to real estate company Fabritius Gruppen for approximately £49m.
Fielden House, a gas turbine maintenance headquarters in Teal Park in Lincoln, is an 126,000 sq. ft high specification industrial warehouse and office complex that was completed in 2012. The property is Siemens’ UK HQ for its gas turbine maintenance division and the company is now constructing a 75,350 sq.ft warehouse extension.
The Onninen property, at Berger Industrial Park just outside Oslo, consists of a set of A-grade warehouse and office buildings totaling 280,000 sq.ft. Constructed in 2010, the property is 100% leased to multinational logistics company Onninen and acts as its Norwegian headquarters.
Nick Judd, Founder and Head of Investment at 90 North said: “the returns generated by these two assets have been excellent, with investors enjoying a strong and steady income throughout their respective holding periods. Both properties have been owned for at least three years and have materially outperformed business plan on all metrics, validating the quality of 90 North’s advice and asset selection”.
Philip Churchill, Founder and Managing Partner said: “90 North has completed approximately £1.12bn of acquisitions with more exits currently in the pipeline. However, in an era when demand among investors for secure income-producing investments is high but supply scarce, we are naturally cautious before recommending any divestment and will advise investors of all options in order to protect their wealth.”
90 North is currently progressing a range of new acquisitions in UK, Continental Europe, USA and Australia.