Serena Properties, a fund managed by Redito on behalf of two investors, Balder, the listed Swedish property company and a Finnish pension fund, Varma, has acquired an out-of-town retail park near Stockholm in Sweden.
The property was sold by Eurocommercial properties for SEK 431 mln (€41.1 mln), in line with the property's latest valuation as of 30 June.
Moraberg retail park is located on the E20/E4 motorway outside Södertälje, to the South of Stockholm and compromises approximately 18,800 m2.
Eurocommercial said that the disposal was part of its commitment to further strengthen its balance sheet and expected other sales to follow.
Completion took place on 30 September and the proceeds are held as cash at the balance sheet date.
Further rent concessions
Eurocommercial also announced that since its half year results, when a number of rent reductions were announced, it has signed further rent concession agreements with tenants and continued to collect rents for Q2 2020 and Q3 2020.
As at 1 October, the firm has agreed terms for the period of closure of its centres with an average of 92% of all tenants across Belgium, France, Italy and Sweden.
The firm said that retail sales have continued to recover and were strong in August in Italy and Belgium due to the late start of the sales.
Retail sales for the combined months of July and August reached 85% of 2019 levels in Belgium, 104% of 2019 levels in France, 90% in Italy and 100% in Sweden.
