UK-based investor Boultbee has said it sold three shopping centres in Sweden to the local property company Diligentia for SEK 1.44 bn (EUR 150 mln) in a 'further sign of improved investor demand'.
UK-based investor Boultbee has said it sold three shopping centres in Sweden to the local property company Diligentia for SEK 1.44 bn (EUR 150 mln) in a 'further sign of improved investor demand'.
'We have successfully achieved our business model objectives, and this sale enables us to actively seek fresh investment opportunities in northern Europe,' said Boultbee chairman Steve Boultbee Brooks.
The properties, located in Norrköping, Skövde and Uppsala, cover just under 77,000 m2 of lettable area. The deal is expected to be closed on August 16.
'We have owned each of these properties for between three and five years and despite the economic downturn, we have improved the overall shopping experience for customers. The results we have achieved, together with the stabilising economic climate, opens up new investment opportunities in the market,' added Boultbee Brooks.
The sale releases capital for fresh investments and Boultbee is now actively looking into investment opportunities in central and northern Europe. Peter Goldstein of Aurum Real Estate, advisor to the seller, underlined the opportunities lying ahead of the company: 'Boultbee will seek to grow its international asset base by investing equity alongside joint venture partners in the Nordic and wider European markets.'
Aurum Real Estate and Tenzing advised the seller.
