London-based Grosvenor Fund Management has led the consortium acquisition of Burlöv Center in the Swedish city of Malmö. The vendor was shopping centre investor Eurocommercial.
London-based Grosvenor Fund Management has led the consortium acquisition of Burlöv Center in the Swedish city of Malmö. The vendor was shopping centre investor Eurocommercial.
The sale is due to complete on 15 November 2012.
Eurocommercial said that Burlöv Center was sold for the December 2011 valuation of SEK 1.1 bn (EUR 134 mln). The shopping centre was the first property to be acquired by Eurocommercial when it entered Sweden in 2001.
The Amsterdam-based company decided to sell Burlöv Center after completing a major extension and refurbishment in 2006 and carrying out further remerchandising over recent years. Eurocommercial said some of the proceeds from the sale will be reinvested in the acquisitions of Eurostop shopping centre in southern Sweden and Les Grands Hommes in Bordeaux.
Prior to the Malmö transaction, Eurocommercial had about EUR 2.7 bn of retail property assets under management. Almost 40% of these assets are in Italy, 36% in France and Sweden accounted for 25%.
