Schroders shops in Sweden with EUR 36m buy

Schroder Property has announced the acquisition of two commercial property assets in Sweden for a combined EUR 36 mln. The investment was made on behalf of the group's EUR 185 mln Nordic Property Fund.

'The outlook for Swedish commercial real estate is very attractive, not least because of the low vacancy rate of 4-5% in the retail sector,' the company said in a statement.

Schroders acquired a newly-constructed 4,000-m² office building, part of the Point Hyllie urban development project, in one of the fastest growing areas of Malmo. It is the fourth acquisition by the fund, bringing the total capital invested since October 2011 to EUR 70 mln.

Completed in 2010, the asset is fully leased to 12 companies and was acquired for EUR 20 mln, or a yield of 5.8%.

Separately, Schroder Property has purchased a 5,250-m² retail asset in an industrial park in Arninge, 20 kilometers north of Stockholm, for EUR 16 mln.