Cornerstone buys Malmo high-street asset for €38m

Cornerstone Real Estate Advisers has completed the acquisition of a property occupied by Åhléns,
Sweden’s largest department store group, in Malmö for SEK 357 mln (€38.3 mln).

Set over three floors, the 6,423 m2 building is fully let to Åhléns until 2025 and is located on Södergatan, the main pedestrian high-street in the centre of the southern Swedish city.

The acquisition adds to Cornerstone's portfolio in the region, which includes the Center Syd shopping centre near Malmö.

'This acquisition secures a prime asset in the centre of one of Northern Europe’s most dynamic cities. With its long lease to Sweden’s largest department store group and strong macroeconomic fundamentals, this acquisition is indicative of the type of investment we are looking to make as we continue to invest in core real estate in major European markets,' said Jorge Duarte, senior director of European fund management at Cornerstone.