Rockspring Property Investment Managers has bought six retail assets in Sweden from Redevco for EUR 77 mln. The acquisition was made on behalf of Rockspring TransEuropean Property Limited Partnership V, the fifth in Rockspring's Trans series, a closed-ended fund focused on investing into core/core+ and value add real estate in the UK and Continental European markets.
Rockspring Property Investment Managers has bought six retail assets in Sweden from Redevco for EUR 77 mln. The acquisition was made on behalf of Rockspring TransEuropean Property Limited Partnership V, the fifth in Rockspring's Trans series, a closed-ended fund focused on investing into core/core+ and value add real estate in the UK and Continental European markets.
The portfolio, which totals 45,000 m2, comprises six retail assets located in Malmö, Lund, Västerås, Borås and Stockholm, and includes a prime city centre department store in Malmo, leased to Swedish chain Ahlens, four retail parks and an external shopping centre anchored by Swedish supermarket operator ICA.
The deal marks Rockspring’s second acquisition in Sweden, following the EUR 34 mln purchase of a logistics warehouse in Greater Stockholm in November last year.
'This purchase is in line with our European investment strategy, which is to identify and secure well located, well-let assets offering the potential for both income and capital growth, underpinned by steady income flow. The deal also increases our exposure to the Swedish market, which we expect to benefit from strong macro-economic fundamentals and low vacancy rates,' said Robert Gilchrist, Chief Executive of Rockspring.
Earlier this year, Redevco said it aims to withdraw from Sweden which it no longer considers a core market. It has already exited the Italian market.
