Standard Life Investments has acquired a portfolio of 14 retail properties in Denmark and Sweden for DKK 475 mln (€64 mln) from Odin DK Holding on behalf of its European Real Estate Club L.P. III fund (Euro Club III).
The assets are situated in established Nordic retail locations including Stockholm, Gothenburg, Malmö and Västerås in Sweden, and Copenhagen, Aarhus, Aalborg and Esbjerg in Denmark. The combined size of the portfolio is 40,352 m2.
'These assets in prime retail destinations build on our significant real estate presence across the Nordic region. The acquisitions are part of our strategy to target prime commercial property in core European markets to deliver positive returns for our investors,' commented Daniel McHugh, head of Continental European Real Estate, Standard Life Investments.
The retail properties are all occupied by Toys’R'Us and the former owner was Top-Toy, the Nordics leading toy retailer.
Standard Life Investments said it had identified the Nordics as a key region for real estate investment and was one of the most significant non-domestic investors in Denmark. The company has already committed €500 mln since 2013 through its main European investment vehicles, including all three Euro Clubs.
It recently completed the final closing of Euro Club III, reaching the vehicle’s €300 mln equity raise limit.
Kromann Reumert and Capital Investments advised Standard Life Investments.
Plesner and Catella advised ODIN DK Holding.
