A partnership of Capman Nordic Real Estate Fund, Finnish pension and insurance firm Varma and Swedish investor Cavendo have acquired a retail centre in the Stockholm region for SEK 930 mln (€98 mln).
Heron City is a 49,400 m2 retail centre located in Kungens Kurva, Stockholm. The vendor was Nordic real estate private equity firm Niam.
Kungens Kurva is situated 15 minutes south of Stockholm's city centre and is the busiest retail area in the Nordics with approximately 20 million visitors a year. The area is anchored by the largest IKEA store in the world and the catchment area includes 1.5 million people within a 30-minute drive.
Heron City's main tenants include Sweden's largest cinema operated by SF Bio, home electronics retailer Media Markt, interior design and furniture retailer Mio, Willys supermarket and sports & outdoor retailer XXL.
The owners claim Heron City complements the other retail centres in the area and has benefited from increasing visitor numbers and turnover as Kungens Kurva has expanded in recent years. Visitors to Heron City in 2015 amounted to 7.2 million. The property will benefit from significantly improved accessibility and catchment area over the coming years with the completion of the the Stockholm bypass infrastructure project, fund manager Capman said.
