CBRE Global Investment Partners (CBRE GIP) has purchased a retail scheme in Stockholm for an undisclosed sum.
The asset, called Bromma Blocks, was acquired on behalf of the CBRE GIP European Co-Investment Fund (ECF), the firm’s European value-add programme, in a joint venture with Vencom. The seller was a controlled affiliate of Starwood Capital Group.
Located in the wealthy Stockholm district of Bromma, the property is 96% leased, and comprises a total lettable area of approximately 57,000 m2. Just under half or 25,000 m2 is a shopping centre dubbed the Gallery, while 32,000 m2 comprises a prime retail park.
'The acquisition of Bromma Blocks is in line with one of the fund’s key strategies – to acquire dominant retail assets in liquid markets that can be enhanced through further development and refurbishment,' commented Charles Baigler, Fund Manager of ECF. 'We are working with a specialist local operating partner to deliver the business plan.'
The property combines typical large 'big box' retailers in the retail park and a more fashion-focused retail offering in the Gallery. Main tenants include Coop, XXL, Ahlens, H&M, Jula and Rusta. There is parking for 2,300 cars.
A building permit has been granted to double the retail floor space of the Gallery via an extension, which will comprise four levels and will be integrated with a newly constructed tram stop.
CBRE GIP was advised by CBRE and Linklaters on the transaction.
Cushman & Wakefield advised Starwood Capital.
