European Retail Fund

Cordea Savills, the international property investment company, has purchased a retail park in Stockholm for c. EUR 32 million on behalf of its European Retail Fund.

The Enebyängen Retail Park in Danderyd, the wealthiest suburb of Stockholm, consists of 14,600 square metres on a site of 4.2 hectares. It is fully let on 100% inflation-linked leases to 14 tenants, including the anchor tenant Coop, one of the premier food retailers in Sweden.

Peter Brostrom, Director of Investment in the Nordic region, commented: “This asset provides the opportunity to enter the Swedish market and Stockholm in particular, where demographic and consumer spending trends are strong and above European Union averages. Furthermore, we now have a retail asset in a very affluent suburb of Stockholm, where there is a robust, relatively resilient source of local spending. There is great potential to actively manage the asset by further establishing the park in the community and optimising the tenant mix, which will improve sales and increase footfall.”

Ian Jones, Director of Investment added: “We are delighted to add another first class Nordic asset following the recent acquisition in Copenhagen. The Fund now has assets in the major European cities of Berlin, Paris, Glasgow, Birmingham, Hanover, Copenhagen and Stockholm, with leading tenants including HSBC, Kaufland, Tiffany, Edeka, Dixons and H&M. We look forward to further acquisitions in the coming months.”

The vendor in the transaction was Commerz Real.