European retail property specialist Redevco has confirmed the sale of its portfolio in Sweden as part of the company's strategy to concentrate on its core markets in Europe.
European retail property specialist Redevco has confirmed the sale of its portfolio in Sweden as part of the company's strategy to concentrate on its core markets in Europe.
The Swedish portfolio was jointly acquired by UK-based fund manager Rockspring for its Trans European V Fund and Nordic investment manager Vencom Property Partners. The financial details of the transaction were not disclosed.
The income in the portfolio derives mainly from retail tenants such as Åhlens, ICA, Gina Tricot, Willys and Stadium. The properties are located in Malmö, Lund, Västerås, Borås and Stockholm and represent a total floor space of 45,000 m2.
'Putting into effect our strategy of focusing on our key markets in Europe - markets where we have sizeable portfolios - we have successfully concluded our exit from Sweden. The Nordic markets remain relatively strong and we are close to also concluding our exit from Finland,' said Simon Smith, managing director of Redevco UK/Nordics.
Redevco is an independent real estate company, managing and developing one of the largest retail portfolios in Europe, currently valued at EUR 7.4 bn. The core of the portfolio comprises around 700 properties, most of them in top locations in major cities.
Redevco is owned by Cofra Holding, a Swiss-based holding company.
