Invesco buys Swedish retail park for German fund

Invesco Real Estate has acquired a retail park near Stockholm for EUR 63 mln. The global investment manager carried out the transaction on behalf of iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund managed by Invesco for German pension fund Bayerische Versorgungskammer (BVK).

The asset, Barkarby Retail Park 4:7 comprises 22,800 m² of space spread over four modern buildings. The anchor tenants are Media Markt, Mio, Jula as well as Chilli, Electrolux Home, EM and XL-ZOO. The property is part of the wider Barkarby Retail Park area, which comprises around 80 stores and is within 25 minutes of central Stockholm.

Bettina Knirsch, IRE’s director of fund management said: 'The investment complements the existing portfolio of assets well by providing diversification within the retail sector, a sector we believe will perform strongly over the medium term, and focusing on strong real estate fundamentals of a high quality property in a core location with the benefit of being multi-let. It also brings to 21 the number of assets within the portfolio which IRE manages for BVK, totalling EUR 930 mln.'