Global real estate investment manager Invesco Real Estate has acquired a prime retail asset in Helsingborg, southern Sweden from Grosvenor Europe for an undisclosed sum.
Invesco acquired the asset through its local partner in the Nordics, Scius Partners, from the Grosvenor-managed fund.
The property comprises approximately 10,000 m2 of total gross leasable area and is anchored by an ICA Maxi supermarket. Grosvenor has actively managed the asset since acquisition in 2011, and recently extended the property to include a stand-alone Apotek Hjartat and Systembolaget.
'We have been investing in Sweden on behalf of our global clients since 2006 and we continue to seek attractive opportunities offering long-term fundamental qualities,' commented Rob Johnston, senior director – transactions, Invesco Real Estate.
'This acquisition meets this criterion with a long lease secured to a high-quality supermarket operator trading from a prominent location in an affluent city. The recent opening of the Systembolaget consolidates this location. We are delighted to have secured this investment for one of our UK investors.'
'This sale provided the opportunity to deliver very strong returns to our investment partners,' said Carl Strufve, director, Nordics, Grosvenor Europe.
'There remain good fundamentals for growth in the Swedish retail market and Grosvenor continues to seek out investment opportunities here. We will also continue to look for ways to add value our existing retail portfolio, whether through the selective management of the retail, food and leisure mix, or the densification of our assets through the addition of residential accommodation.'
'We have a positive outlook on the Swedish real estate market and hope to complete more acquisitions with Invesco Real Estate during 2018,' added Joen Siggelin at Scius Partners.
Grosvenor was advised by Cushman & Wakefield and Cederquist and Invesco Real Estate was advised by Linklaters and PwC.
