Nordic private equity firm NREP has bought a portfolio of Swedish grocery stores from co-operative group KF Fastigheter.
Nordic private equity firm NREP has bought a portfolio of Swedish grocery stores from co-operative group KF Fastigheter.
The seven assets in greater Stockholm, Linköping, Mjölby, Nyköping and Halmstad were acquired for SEK 530 mln (€57.2 mln). The properties have a total floor area of 28,300 m2 and are located in areas with 'strong residential development and population growth'.
NREP said it would work closely with Co-op, which remains the main tenant, to enhance the potential of the assets.
CIO Rickard Dahlberg said: ‘We are pleased to secure this high-quality grocery retail portfolio with defensive cash flows concentrated in strategic locations along the E4 corridor between Stockholm and Linköping, one of the strongest growth areas in Sweden by population and urban development. The assets form a solid complement to the other Swedish and Nordic necessity driven retail assets in NREP’s portfolio.’
Since it was established in 2005, NREP has raised eight funds and executed over 170 property acquisitions in the Nordic region. It currently has €2.2 bn of assets under management.
