Private property investment company Boultbee has won the bid to acquire CentrumKompaniet, the City of Stockholm's portfolio of ten shopping centres for more than SEK 10 bn (just over EUR 1. bn) in what has been described as the biggest retail property deal in Europe so far this year.
Private property investment company Boultbee has won the bid to acquire CentrumKompaniet, the City of Stockholm's portfolio of ten shopping centres for more than SEK 10 bn (just over EUR 1. bn) in what has been described as the biggest retail property deal in Europe so far this year.
CentrumKompaniet was founded in April 2001 and is a subsidiary of the City of Stockholm's holding company Stockholm Stadshus. The property portfolio comprises of Bredäng Centrum, Fältöversten Centrum, Hässelby Gård Centrum, Högdalen Centrum, Ringen Centrum, Rinkeby Torg, Skärholmen Centrum, Tensta Centrum, Västermalmsgallerian and Älvsjö Centrum. Dwellings are included in the portfolio. The rental value of the portfolio amounted to SEK 695 million in 2006 and is divided into 64 percent retail, 9 per cent office, 11 per cent residential, 9 per cent municipal services and 2 per cent storage. The net operating income amounted to SEK 461 million in Stockholm. The property portfolio consists of ten shopping centres in Stockholm with a total lettable area of around 350,000 m2.
Boultbee's managing director Steve Boultbee Brooks said: 'Sweden remains one of the fastest growing economies in Europe, and we are now beginning to see the effects of our long-term commitment to the Swedish market. Building on Boultbee’s international experience and the visions outlined by the City of Stockholm, we have a unique chance to improve the local communities and create new, exciting opportunities for the residents of Stockholm.'
Boultbee was advised in this deal by Peter Goldstein of Michael Elliot and Partners, Catella and DTZ Sweden, with financial support and backing provided by the Royal Bank of Scotland and Lehman Brothers. This is the 25th deal Boultbee has carried out with Lehman Brothers.