LONDON-AXA Real Estate has been busy of late and the latest transaction is a bell-ringer. The investment manager has just sold a little under (US) $156 million in retail assets to Tredje AP-fonden, a Swedish state-owned pension fund.
The sale amounts to nearly 1.4 million square feet of retail, leased in large part to two undisclosed Swedish food retailers. In gfact those two mystery retailers account for 80% of the assets' income.
According to Henrik Bastman, who heads the Nordic region asset management for AXA, The assets “are located across Sweden, providing the acquirer with geographic diversification benefits as well as direct exposure to the well-performing food retail sector in one of Europe's strongest economies.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
