Grosvenor leads EUR 268m retail acquisition in Sweden

A consortium led by Grosvenor Fund Management (GFM) has acquired a portfolio of four retail properties in Sweden from listed European real estate giant Unibail-Rodamco for SEK 2.4 bn (EUR 268 mln).

The consortium comprises Grosvenor, Bouwinvest REIM, on behalf of bpfBOUW, the Dutch pension fund for construction workers, and a major Canadian institutional investor. The portfolio consists of three shopping centres in the Stockholm region and a prime supermarket investment in Helsingborg. The 98,000-m² portfolio comprises Haninge Centrum, Väsby Centrum, Balsta Centrum and a property let to retailer ICA Maxi in Helsingborg.

The acquisition is part of the consortium partners' European investment programmes, and represents a long-term commitment to the Swedish property market.

Grosvenor has been active in the retail property sector in Continental Europe since 1996 and currently manages two retail -pecific funds and other retail properties with total assets of EUR 1.1 bn.

Grosvenor is a private property company with a history dating back 300 years, and is active in shopping centre investment since the 1960s.

The consortium was advised by Cederquist, Sweco, RSD Pronordia, KPMG and Cushman & Wakefield. SEB provided financing.