Pramerica shops in Sweden with EUR 36m retail buy

Pramerica Real Estate Investors, part of US group Prudential Financial, has acquired a retail centre in the city of Helsingborg, Sweden, on behalf of the Spezialfonds EuRetail investment fund. The vendor is a joint venture of GE Capital Real Estate and NR Nordic & Russia. The investment volume amounts to EUR 36 mln.

The fully-leased asset providing 17,500 m² of retail space on one floors and 702 parking spaces was acquired as part of a share deal, Pramerica said. Main tenants are an ICA Maxi hypermarket, with 10,500 m2, and a 1,000 m² Systembolaget liquor store. The property has an average lease maturity of 10.6 years.

The acquisition comes hard on the heels of Pramerica's purchase last week of two adjacent retail properties in Würzburg, in the northern tip of Bavaria, Germany for around EUR 40 mln.