Nordic insurance group Storebrand and Swedish pension investor SPP has acquired a portfolio of Swedish retail properties for SEK 1.6 bn (€170 mln).
The portfolio was sold by Nordic Real Estate Partners (NREP) to Storebrand's Swedish real estate business, Storebrand Fastigheter.
The sale of the 11 assets is the largest retail property transaction in Sweden so far this year, according to NREP. The portfolio attracted interest from both international and domestic investors. NREP was advised by C&W and Real Advokatbyrå.
The latest sale consists of 11 necessity-driven retail properties with a total of 63,500 m2 lettable area. The assets are located in the Gothenburg and Stockholm regions, and along the E4 corridor from Stockholm to Linköping.
The portfolio was assembled and managed by NREP Retail over the last five years. 'The team has worked incredibly hard to execute on the necessity-driven retail strategy during the holding period,' said Tobias Alsborger, a partner at NREP.
'The active asset management has secured the long-term attractiveness of this portfolio by optimising the tenant mix, adjusting the premises to the modern retailer’s demand
as well as creating building rights both for residential, retail and community services,' he added.
Gustaf Lilliehöök, another NREP partner, said the company was proud to secure yet another exit 'with very attractive risk-adjusted returns' for its investors.
In April this year NREP formed a €1.1 bn logistics platform with a group of local and international investors. Back in 2015, NREP sold the largest portfolio of prime logistics properties in the Nordics to a consortium of four Danish pension funds for €650 mln.
NREP has over €3 bn of assets under management across its offices in Copenhagen, Stockholm, Helsinki, Oslo and Luxembourg.
Storebrand Group is headquartered in Norway and manages NOK 570 bn (€61 bn) of savings and insurance assets.
Storebrand Fastigheter invests in the real estate, infrastructure and forestry sectors for mandates valued at SEK 1.2 bn from SPP; Euroben Life & Pension and other institutional clients outside the Storebrand Group.
