CBRE Global Investment Partners has invested in Sweden’s retail sector.
The manager said it has bought Bromma Blocks in Stockholm for an undisclosed amount from Starwood Capital.
The asset was bought for CBRE GIP’s European Co-Investment Fund, the firm’s European value add program, in a joint venture with Vencom.
“The acquisition of Bromma Blocks is in line with one of the fund’s key strategies – to acquire dominant retail assets in liquid markets that can be enhanced through further development and refurbishment,” said Charles Baigler, fund manager of ECF. “We are working with a specialist local operating partner to deliver the business plan.”
The Bromma Blocks asset, 8km west of the Stockholm’s central business district, is 96% leased.
Around 25,000 sqm of the 57,000 sqm property is a shopping centre, with the remainder a retail park.
Tenants include Coop and H&M.