Swedish housebuilder Magnolia Bostad and pension fund Alecta pensionsförsäkring have jointly acquired a shopping centre in Sweden from CBRE Global Investors, with a plan to add 2000 apartments to the plot.
The retail asset Stinsen 2, located in Sollentuna, has been purchased through a company joint-owned in equal parts by Magnolia and Alecta for a total consideration of SEK 700 mln (€71 mln). The previous owner had initiated plans for additional residential development, integrating Stinsten into an emerging urban environment.
Magnolia will manage the local planning process in cooperation with Alecta. The residential development will be carried out in phases once the new local plan has been approved.
While all apartments will be developed by Magnolia, a third will be earmarked as rental units and sold to Alecta, which plans to own and manage the apartments. Another third will be sold to Slättö as part of the framework agreement signed by Magnolia Bostad and Slättö on November 25, 2016. The remaining residential units will be sold directly to tenants by Magnolia.
The Stinsen shopping centre comprises around 41,600 m2 of lettable space, including retail and offices, with around 70 tenants. The rental income amounts to approximately SEK70 mln and the occupancy rate is about 80%.
Wigge & Partners acted as legal advisor to Magnolia.
