A fund managed by property investment manager Cordea Savills has acquired a Stockholm retail park project in a forward-funding transaction.
A fund managed by property investment manager Cordea Savills has acquired a Stockholm retail park project in a forward-funding transaction.
The Barkarby Gate retail park is located in the the Barkarby district of the Swedish capital. The developer and vendor is Denmark's TK Development.
The investment volume was not disclosed.
TK Development expects to start construction of the retail park in August 2013, with the opening scheduled for autumn 2014.
The retail park will have a total floor space of about 20,000 m2, and the current occupancy rate is 73%. Lease agreements have been concluded with tenants such as XXL (sports goods shop), Clas Ohlson, Lager 157, Grizzly, Kjell & Co, Burger King, and Nordic Wellness.
Cordea Savills is an international property investment manager with offices across Europe and in Asia. The firm is 100% owned by Savills, a leading international property consultancy. At end-December 2012, Cordea Savills and other Savills Group companies managed a total of €8.2 bn of gross assets on behalf of pension funds, insurance companies, charities/endowments, fund of funds, qualified professional investors and family offices.
