ICSC RECON is coming up and GlobeSt.com has a month of special coverage in the works. Don't miss a bit of it. Click here for more information.
STOCKHOLM-Rockspring Property Investment Managers, through a fund, has closed on the purchase of six retail assets in Sweden for $98 million. The Rockspring TransEuropean Property Ltd. Partnership V fund bought the properties from London-based Redevco.
The portfolio totals about 484,000 square feet in properties in Malmo, Lund, Vasteras, Boras and Stockholm. The deal includes the Ahlens department store in Malmo, four retail strip centers and a shopping center anchored by Swedish supermarket ICA.
The fund purchased the sites from Redevco, a closed-ended fund focused on core and value-add real estate in the United Kingdom and continental European markets. Robert Gilchrist, Rockspring CEO, said in a statement that the purchase is in line with the firm’s European investment strategy. “The deal also increases our exposure to the Swedish market, which we expect to benefit from strong macro-economic fundamentals and low vacancy rates,” he said.
This is Rockspring’s second purchase in Sweden, following a $43 million buy of a logistics warehouse here in November. The company also recently purchased a shopping center in Olsztyn, Poland.
Simon Smith, Managing Director of Redevco UK/Nordics, said in a separate statement that the disposal is in line with Redevco’s strategy of further concentrating its activities on its key markets in Europe. "Putting into effect our strategy of focusing on our key markets in Europe – markets where we have sizeable portfolios – we have successfully concluded our exit from Sweden,” Smith said. “The Nordic markets remain relatively strong and we are close to also concluding our exit from Finland.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
