Rockspring Property Investment Managers and its partner Vencom Property Partners have acquired the Lidingö Centrum mixed-use property in Stockholm in an off-market transaction with Vasakronan.
Rockspring Property Investment Managers and its partner Vencom Property Partners have acquired the Lidingö Centrum mixed-use property in Stockholm in an off-market transaction with Vasakronan.
The asset was acquired for SEK 771 mln (€89 mln) on behalf of Rockspring’s TransEuropean Property Limited Partnership V.
Located in the north eastern suburb of Stockholm, Lidingö Centrum is a mixed use scheme totalling 27,000 m2 of lettable area, of which retail comprises 45% of the GLA.
The acquisition is Rockspring’s third in Sweden, taking its total portfolio from 60,000 m2 to 87,000 m2 in eight different assets in five different locations in the country.
TransEuropean V is the fifth fund in Rockspring’s TransEuropean series. Launched in 2012 with an ability to invest €700 mln, the fund aims to create a blend of core, high-cash-yielding core plus and value-adding real estate. To date, the fund has invested €325 mln in France, Switzerland, Germany and Sweden.
'This acquisition is in line with the fund’s strategy to purchase assets with the potential to enhance capital value and income through active asset management initiatives,' said Charles Baigler, European director at Rockspring.
Jones Lang LaSalle, Mannheimer Swartling and PwC acted as the buyers’ advisors in the transaction.
