ING Real Estate Investment Management (ING REIM) has completed the first acquisition on behalf of its European Shopping Centre Fund (ESCF). The global property fund manager, which is being acquired by CBRE Investors - purchased Tyresö Centrum, Stockholm, Sweden for EUR 82 mln, reflecting an initial yield of 6.2%.

ING Real Estate Investment Management (ING REIM) has completed the first acquisition on behalf of its European Shopping Centre Fund (ESCF). The global property fund manager, which is being acquired by CBRE Investors - purchased Tyresö Centrum, Stockholm, Sweden for EUR 82 mln, reflecting an initial yield of 6.2%.

The vendor was European listed real estate company Unibail Rodamco.

ESCF held its first close last December and will target up to EUR 1.5 bn of investments in dominant shopping centres across continental Europe.

The shopping centre is located in Tyresö, an affluent municipality 19 km south of Stockholm. The 28,000-m2 shopping centre has been developed in several phases and was refurbished in 2009-10. The property features a mall on two levels, 65 retail units and 850 parking spaces to visitors. Main anchors are ICA, Coop, Systembolaget, Kappahl and H&M.

'Tyresö Centrum is a perfect match to our investment strategy. It is a core shopping centre that is dominant within its dynamic and growing catchment area,' said Florencio Beccar, fund manager for ESCF. 'The property offers substantial upside potential based on the strong historical performance by retailers, continued visitor and sales level growth and attractive lease profile. All of these characteristics allow value enhancing activities in the short to mid term through the active management style of the fund.'

He added: 'We have identified several investment opportunities in Western Europe that present a similar profile to Tyresö Centrum and we hope to be able to complete on these by the end of Q1 or beginning of Q2, which coincides with the timing of our second closing.'