Swedish private equity firm Sveafastigheter has sold part of the newly developed retail park Hansa City in the Swedish city of Kalmar to German property fund managed by AXA Investment Managers Deutschland for EUR 40 mln.
Swedish private equity firm Sveafastigheter has sold part of the newly developed retail park Hansa City in the Swedish city of Kalmar to German property fund managed by AXA Investment Managers Deutschland for EUR 40 mln.
Jones Lang LaSalle advised Sveafastigheter on the deal.
The Hansa complex currently comprises a lettable area of 27,000 m2. The plan for the area allows for further construction of some 13,000 m2 of lettable area within the parts still owned by Sveafastigheter. The Swedish company is preparing the construction of a fashion galleria with approximately 25 tenants.
Sveafastigheter acquired the properties as part of the acquisition of Kalmar Tech Park from Volvo and has since then in co-operation with local asset management partner P&E Förvaltning in Kalmar worked on the development of the new retail park, which is located next to the IKEA store in Kalmar that was opened in 2006.
Tenants in the divested part of the retail park are Bauhaus, El-Giganten, Rusta, Hemtex, Sova, Mairo, and Plantagen, of which all but Plantagen have moved in to their premises. Plantagen is expected to open their store in March 2009.
Sveafastigheter has carried out four separate portfolio divestments in 2008, of which two - the current divestment and the sale of part of the Mölnvik retail park in Värmdö municipality in Stockholm county - account for more than 95% of the divestment volume. The total value of portfolios divested by Sveafastigheter in 2008 now amounts to SEK 800 mln (EUR 77 mln), generating an average yield of 6%.
Through its funds Sveafastigheter owns properties worth some EUR 700 mln with a lettable area, including development projects, exceeding 500,000 m2.
