Grosvenor Fund Management (GFM) is acquiring Skärholmen Centrum, one of the largest shopping centres in Sweden. The investment volume was not disclosed but is believed to be around €350 mln.

Grosvenor Fund Management (GFM) is acquiring Skärholmen Centrum, one of the largest shopping centres in Sweden. The investment volume was not disclosed but is believed to be around €350 mln.

GFM is acting on behalf of its Retail Centres V (Sweden) fund.

Situated in one of Sweden’s growing regions and with a dominant position in south west Stockholm, Skärholmen Centrum is ranked as one of the country's top four shopping centres by footfall with 14 million visitors a year.

GFM said that Skärholmen Centrum's 'exceptional' community facilities, which include a library, health service and schools, set it apart as more than a shopping centre, making it a social hub for the local catchment area of more than 600,000 people.

In addition to community facilities, the 98,000 m2 asset comprises more than 175 retailers, with anchor tenants including an ICA Grocery store, Systembolaget, H&M and Åhléns, alongside leisure and restaurant uses.

Commenting on the acquisition, Giles Wintle, regional director at GFM Europe, said: 'Skärholmen Centrum is a unique asset and this acquisition emphasises GFM’s commitment to the retail sector in Sweden. We will be leveraging our expertise in creating places in which people want to work, shop, learn and relax in order to further develop Skärholmen Centrum as the dominant retail destination in southern Stockholm. Our approach focuses maximising the experience for the visitors to the centre, in turn driving footfall and sales for our international retail tenants.'

GFM has been investing in the Swedish retail sector since 2011 and opened an office in Stockholm in 2012. GFM now has five shopping centre assets in Sweden, located in Stockholm and Malmö.

Finnish pension and insurance group Varma is one of the investors in Retail Centres V (Sweden). Ilkka Tomperi, investment director of real estate at Varma, said, 'Varma is Finland's largest property investor and has a strategy to expand its international activities significantly. Sweden is a natural choice for us and Skärholmen Centrum is continuation to our other recent investments in the Stockholm region.'

PBB Deutsche Pfandbriefbank supported GFM with the financing by fully underwriting the debt. PwC, Cederquist, Ramböll, Clifford Chance and TAM Retail also advised GFM on the acquisition. CBRE acted for the vendor.

Click here for a Q&A interview with James Raynor, CEO of Grosvenor Fund Management, on the deal.