In 2003 L+R acquired 13 temperature-controlled warehouses across Sweden, Norway and Denmark let to Frigoscandia, a market leader in refrigerated foods across the Nordic region.
The leases were 20 years FRI leases with contractual uplifts at 90% of Swedish CPI to an Institutional grade tenant.
A diverse and well located portfolio spread across the Nordics let to a AAA covenant.
Cold food storage was a new sector which L+R understood the fundamentals of and therefore had a competitor advantage.