Northern European private equity firm Niam has signed an agreement to sell eight retail properties in Sweden to local property firm Svenska Handelsfastigheter for SEK 1.6 bn (€160 mln).
The portfolio, comprising 100,000 m2 of space, includes 37 retail assets in regional shopping destinations in Umeå, Kalmar, Norrköping, Gävle and Mora. Bought by Niam in 2015 and 2016, the properties were repositioned during Niam's ownership through several asset management initiatives including the lease-up of the remaining space and the renewal of existing contracts.
The assets are 92% let and generate SEK 137 mln in rents.
Grocery retailers such as ICA Maxi, City Gross and Systembolaget account for about 38% of the rental value.
Completion of the deal is scheduled for January 22, 2018.
Law firm Glimstedt advised the buyer, while Roschier and CBRE acted for the seller.
