Invesco Real Estate has acquired a 10,000sqm retail asset in southern Sweden from Grosvenor Group for an undisclosed sum.

Grosvenor Europe said it sold the property the asset in Helsingborg on behalf of a Grosvenor-managed fund. 

Invesco acquired the asset through its local partner in the Nordics, Scius Partners.

Carl Strufve, Grosvenor Europe’s Nordics director, said: “This sale provided the opportunity to deliver very strong returns to our investment partners. There remain good fundamentals for growth in the Swedish retail market and Grosvenor continues to seek out investment opportunities here. 

“We will also continue to look for ways to add value our existing retail portfolio, whether through selective management of the retail, food and leisure mix, or the densification of our assets through the addition of residential accommodation.”

Rob Johnston, a senior director of transactions at Invesco said: “We have been investing in Sweden on behalf of our global clients since 2006 and we continue to seek attractive opportunities offering long term fundamental qualities.

“The recent opening of the Systembolaget consolidates this location. We are delighted to have secured this investment for one of our UK investors.”     

Joen Siggelin at Scius Partners, said: “We have a positive outlook on the Swedish real estate market and hope to complete more acquisitions with Invesco Real Estate during 2018.”