Hines has acquired its first asset in Sweden, on behalf of its Hines European Property Partners (HEPP) core-plus fund.
A sale-leaseback agreement has been secured with one of the largest European kitchen companies, the publicly listed Nobia, on its new production facility currently under construction in Jönköping, an established industrial center in the south of the country on the shore of lake Vättern.
The two parties have agreed on a sale price of SEK 1.35 billion ($129 million), with Nobia entering a 20-year rental agreement on the property with HEPP including an option to extend the agreement for a further 20 years.
Construction of this 129,500-square-meter (1.39 million-square-foot) facility began in 2021 and is scheduled for completion in autumn 2024. The project is targeting a BREEAM Excellent rating, consistent with HEPP’s objectives to meet the demand for environmentally and socially sustainable buildings.
While the project will become N
