Oslo distribution hub sold for £100m

The global alternative investment platform Slate Asset Management has acquired the World Seafood Center in Oslo for a figure close to £100m.

The Center is a state of the art new-build refrigeration and distribution facility, based at a logistics hub near Oslo’s main airport. The purchase figure is NOK 1.3bn (£95.4m).

Slate said the acquisition adds to its portfolio of essential real estate assets in Europe. The company added that seafood is the second largest industry in Norway with a growing export volume benefitting from strong demographic tailwinds, that are driving high demand in the region for industrial space for the seafood industry.

The World Seafood Center is a 55,000 square metre facility strategically located in the rapidly developing Gardermoen region within Oslo Airport City with immediate access to main transport networks to Europe and the overseas markets in Asia and America. Salmon would almost certainly be the principal species going through the facility, and one of the Center’s largest tenants is the salmon giant Mowi.

The property is let to some of the largest seafood tenants in the world under long lease terms indexed to inflation, which are expected to provide stable and resilient cash flows.

The facility derives 100% of its energy supply from green and renewable sources and is equipped with robotics and artificial intelligence technologies, which further contribute to its high levels of operating and energy efficiency.

“We are pleased to be increasing our exposure to European essential real estate with the acquisition of this premier cold storage and distribution facility,” said Sven Vollenbruch, Managing Director at Slate.

He added: “The World Seafood Center has established itself as a critical part of the food supply chain globally, providing consumers across Europe, America, and Asia with access to high-quality Norwegian seafood.

“As global demand for sustainable seafood continues to grow, we look forward to working together with the leading tenants at the World Seafood Center to further enhance the quality, efficiency, and resiliency of this facility, ensuring it remains a major seafood export hub for years to come.”