Kapitel enters the logistics property business

20.01.2021

The real estate company Kapitel bought a 50% stake in Nordassets OÜ, which owns logistics centres and a plot with a detailed plan in Rae Rural Municipality. The transaction requires the permission of the Competition Authority to take effect. The total leasable area of the logistics centres is approximately 59,000 sq m with Smarten Logistics being the anchor tenant. This is the first logistics property project in Kapitel’s portfolio and the company plans to expand its operations in this business area.

Nordassets owns logistics centres at 1 Rukki tee and 5 Rukki tee, Rae Rural Municipality, Harju County. Smarten Logistics is the anchor tenant of the logistics centres, the total leasable area of which is approximately 59,000 sq m. Through its subsidiary Pähklimäe Logistika OÜ, Nordassets also owns the neighbouring property at 13 Pähklimäe tee. The 7.4 hectare plot has a detailed plan and is suitable for the development of industrial property or a logistics centre.

“This is the first logistics property in Kapitel’s portfolio. The future plans of the joint venture include the purchase of high-quality completed projects and the development of new projects both on the plot that is part of our portfolio and in other locations that suit our customers,” said Rait Pallo, member of the management board at Kapitel.

The seller of the holding is Logassets OÜ, which owned 100% of Nordassets OÜ. According to Indrek Prants, a representative of Logassets OÜ, Kapitel’s addition to the circle of shareholders of Nordassets OÜ will accelerate the company’s development in the logistics and industrial property market both in Estonia and across the Baltics. “The experience and professionalism of Kapitel’s team is a great asset for our joint venture,” Prants added.