Netherlands-based investment company Eurocommercial Properties (ECP) has acquired two retail properties in Sweden and another in France for a total of EUR 151 mln.The larger of the two Swedish properties, named '421', is ECP's first investment in Gothenburg, and is a newly developed major retail centre with a floor area of 33,048 m[sup]2[/sup].

Netherlands-based investment company Eurocommercial Properties (ECP) has acquired two retail properties in Sweden and another in France for a total of EUR 151 mln.The larger of the two Swedish properties, named '421', is ECP's first investment in Gothenburg, and is a newly developed major retail centre with a floor area of 33,048 m2.

ECP paid EUR 88 mln for the centre, producing a net initial yield of approximately 5%. It has a broader catchment population of 485,000 and is anchored by ICA, the leading Swedish hypermarket group, and electrical retailer Media Markt. ECP has also agreed to buy a 15,000 m2 retail park adjoining one of its existing properties in a major Swedish provincial city. The agreed price is EUR 19 mln, which represents an initial net yield of 5.75 %. Together they bring the company’s Swedish assets to EUR 481 mln, or 23% of the total ECP portfolio.

The French acquisition is a site in western Paris that has planning permission for a 20,000 m2 retail park. It is already100% pre-let to well-known retail groups, and is expected to be completed in December this year. ECP will pay a total price of EUR 44 mln, producing a net yield of 5.4%. On completion, the company will have EUR 727 mln, or 34% of its portfolio, invested in France. The balance of ECP's portfolio consists of properties in Italy (38%) and the Netherlands (5%).