CBRE Global Investors has agreed the sale of the Tyresö Centrum shopping centre South of Stockholm, Sweden to Swedish Group Diligentia for an undisclosed amount.
CBRE Global Investors has agreed the sale of the Tyresö Centrum shopping centre South of Stockholm, Sweden to Swedish Group Diligentia for an undisclosed amount.
The sale, which is expected to close after summer, was carried out on behalf of the CBRE European Shopping Centre Fund (ESCF).
The mall was bought by ING REIM (now CBRE GI) in 2011 from Unibail-Rodamco for SEK 715 mln (€76 mln), reflecting an initial yield of 6.2%.
The shopping centre is located in Tyresö, a municipality 19 km south of Stockholm. The 31,000 m2 shopping centre has been developed in several phases and was refurbished in 2009-10. The property features a mall on two levels, 65 retail units and 850 parking spaces to visitors. Main anchors are ICA, Coop, Systembolaget, Kappahl and H&M.
'This disposal is in line with the fund strategy that following the completion of the business plan, we dispose of assets,' said Florencio Beccar, head of Retail EMEA and Fund Manager for ESCF. 'The timing is right in the Swedish market as there is strong investment demand for good quality assets like this, so this is an optimum time to realise returns for our investors.'
Stefan Berg, head of Asset Management Nordics added: 'We acquired this asset in 2011 and we have successfully renewed the majority of the leases. In addition the centre was built out and expanded with seven new units in connection with an adjacent residential development.'
Cushman & Wakefield and Linklaters advised CBRE Global Investors in the transaction.