Grosvenor Group has expanded its shopping centre portfolio by acquiring an asset in Sweden.

The property group’s European arm said it bought the 19,900sqm mixed-use mall in Lidingö Centrum for an undisclosed sum.

James Raynor, the chief executive of Grosvenor Europe, said: “Sweden is a top performer in European markets and continues to offer a solid growth outlook. 

“We see great potential in retail-led mixed-use assets in the Stockholm region, particularly where there is the opportunity to add value through the increase of the food and beverage and leisure offer, or through the introduction of residential in some cases.”

Raynor said Lidingö is an exciting opportunity for Grosvenor to grow its position in the Nordics and it will enable the company to continue to implement an activity that will deliver positive commercial and social benefit.

Lidingö Centrum is Grosvenor’s first wholly owned shopping centre in Sweden since entering the market in 2011.

Grosvenor’s existing portfolio, held in investment vehicles, includes four town centre retail schemes in the Stockholm region, and one in Malmö.