Union Investment was advised on the transaction by JLL and Linklaters Stockholm.

The new modern warehouses with a total area of 25,000 sqm can accommodate over 30,000 unique product codes.

A study by IOBE presented jointly with TMEDE estimates that more than €52 billion will "fall" on the market in the next three years.

The much-needed new space will be delivered across two units of 200,000 sq ft and 140,000 sq ft, respectively.

The renovation works will begin in the spring, while the total investment amounts to €1 million.

The project will add 35 rooms to the hotel, 11 more than the original feasibility study allowed, bringing the number of rooms to 184.

Projects of various scales under way