Swedish private equity group Niam said that it has acquired the Lennart 17 retail property in Västerås, Central Sweden, from a Boultbee bankruptcy estate represented by consultancy group Ackordcentralen. The transaction price amounted to SEK 187 mln (EUR 21 mln). The operation is expected to be completed by November 1, 2010.
Swedish private equity group Niam said that it has acquired the Lennart 17 retail property in Västerås, Central Sweden, from a Boultbee bankruptcy estate represented by consultancy group Ackordcentralen. The transaction price amounted to SEK 187 mln (EUR 21 mln). The operation is expected to be completed by November 1, 2010.
The property comprises 13,500 m2 of retail space, primarily consisting of the Centra shopping centre. The purchase was made by the Niam Nordic Fund IV.
'Centra is an excellent complement to Niam's retail portfolio,' said Johan Bergman, CEO of Niam. 'The property has all the necessary qualities to be an important part of the city's retail market and considering the vacancies and investment requirements, we have paid a reasonable price per m2,' he added.
Niam Fund IV closed in 2008 with approximately EUR 700 mln in equity generating an investment capacity in the range of EUR 2.5 - 3 bn, making it one of the largest opportunistic real estate funds in Europe targeting the Nordic and Baltic regions.