Cornerstone completes €36m extension at Malmo shopping centre

Cornerstone Real Estate Advisers Europe has completed a SEK 337 mln (€36 mln) extension and refurbishment at Center Syd shopping centre on the outskirts of Malmö in south-western Sweden.

Center Syd is located about 25 km north of Malmö in the Kävlinge municipality of Sweden, an area which has around 30,000 inhabitants. Cornerstone manages the centre on behalf of the Cornerstone Nordic Retail Fund.

The refurbishment and extension of the scheme, which began 12 months ago, have increased the gross lettable area (GLA) by 8,000 m2 to a total of 39,500 m2, and added 35 new retail units to the scheme, bringing the total to 90. The refurbishment also gives the centre a new façade, along with new entrances, and a new interior. The extension allows the shopping centre to be physically connected to an established ICA MAXI hypermarket.

Center Syd will be around 90% let to domestic and international brands upon opening and the expansion of the scheme has allowed Cornerstone to bring in a range of new tenants including Clas Ohlson, JYSK and Indiska.

'With the completion of this extension we have transformed Center Syd into a prime new shopping and leisure centre which meets the continually evolving demands of the modern-day consumer,' Charles Weeks, CEO of Cornerstone Europe, said. 'In addition to allowing us to bring new fashion retailers into the centre we have significantly upgraded the leisure and family focussed offering.'

The Nordic Retail Fund is a €650 mln collective investment property fund investing in retail assets in Finland and Sweden. It currently invests in 14 retail assets in Sweden and three large shopping centres in Finland, with a total lettable area of 280,000 m2.