Grosvenor Fund Management (GFM) has bought a major Swedish shopping centre from RBS.
The Skärholmen Centrum in the suburbs of Stockholm was bought for GFM’s Retail Centres V (Sweden) fund, which is backed by Finnish institution Varma, among others.
Ilkka Tomperi, investment director of real estate at Varma, said Sweden was a “natural choice” and that the investment in Skärholmen Centrum followed other recent investments in the Stockholm region.
Royal Bank of Scotland, according to local media, began a sales process late last year.
The bank appointed CBRE to find a buyer for the property more than three years after taking control of the Centeni company, which held a portfolio of 10 retail assets bought by Boultbee in 2007.
That deal had been financed by RBS and Lehman Brothers.
Skärholmen is the last of the portfolio to be sold, it is understood.
The 98,000sqm asset is let to 175 retailers, including an ICA grocery store and H&M.
Giles Wintle, regional director at GFM Europe, said Skärholmen Centrum was a “unique asset”.
The company, he said, would look to drive footfall and sales at the centre.
GFM now has five shopping centres in Stockholm and Malmö.