Swedish pensions provider SPP and its Norwegian parent Storebrand have acquired a large retail portfolio from Nordic fund manager NREP.

NREP said the exchange of the SEK1.6bn (€168m) portfolio represented the largest retail transaction in Sweden so far this year.

The portfolio of 11 necessity-driven retail properties attracted interest from domesic and international investors, NREP said.

The 63,500sqm portfolio, which includes assets in Gothenburg, Stockholm and along the E4 corridor from Stockholm to Linköping, has been aggregated and managed by NREP Retail over the past five years.

Tobias Alsborger, partner at NREP, said: “The team has worked incredibly hard to execute on the necessity-driven retail strategy during the holding period.

He added: “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.”

Marita Loft, CEO of Storebrand Fastigheter, said: “We are very pleased to have been given the opportunity to complete this acquisition, a deal that fits well with our investment strategy.

“The property portfolio is very well managed and has a development potential in addition to stable cash flow.”