The Barkarby and Lanna retail parks parks in Stockholm; the Knalleland retail park in Boras; the Kallerad retail park in Gothenburg and the Vala retail park in Helsingborg total one million sf. The majority of units on the parks are fully let to major retailers including: El-Giganten; City Stormarknad; Intersport; Toys R Us; OnOff; Coop; Rusta; and Jysk. The average lease length is 8.7 years and the average rent is under £6.50 ($9.15) per sf.

The purchase price reflects an initial yield of 8% and a reversionary yield of 9.3%. Resolution Chief Executive Robert Lawrence said: 'We believe that there is potential for a yield shift in Swedish retail warehouse yields, similar to that experienced in the UK in the early 1990s. The portfolio is immediately reversionary and through active management and guaranteed income growth through inflation, we expect excellent investment performance from these properties.'

Resolution expects up to half of its new purchases to be in mainland Europe, with retail warehouses and shopping centres the main target. Lawrence said: 'Our European investment strategy will be driven both by our view on local economies and individual opportunities. We will apply the experience we have built up in the UK, where we will also remain very active, to investments which combine long-term income with good covenants capable of supporting attractive financing structures.'