AXA Real Estate Investment Managers (AXA REIM) has confirmed that it has completed on behalf of the European Retail Income Venture (ERIV), the landmark acquisition of a portfolio of retail assets in Sweden, from Niam Retail Holding.
The portfolio comprises 71 supermarkets and 2 distribution centers representing 128,000 m². These assets are located in different parts of Sweden, with high profile retail tenants such as ICA, Axfood, Rusta and Jysk.
The acquisition was financed by Eurohypo.
European Retail Income Venture (ERIV), launched in September 2005, is a pan-European vehicle managed by AXA REIM France dedicated to retail assets. The Fund has a €700 million leveraged capacity and invests in retail assets such as: retail warehouses, retail parks, supermarkets and retail shops in city centers of both existing assets and projects under development. ERIV has already acquired assets in Belgium and Spain and is seeking to acquire single properties and portfolios in West, North and Central Europe, part of them with refurbishment or asset management opportunities.
Announcing the transaction, Richard Ray, Head of acquisitions for Belgium and the Nordic region, said: We are delighted to have been able to have closed this major transaction. We believe this is a clear demonstration both of AXA REIMs commitment to Nordic Countries as well as our ability to move quickly and competitively on behalf of our clients. AXA REIM has developed a strategic asset allocation plan for the region in all commercial property sectors, responding to the needs of several of our clients
Commenting on the acquisition by ERIV, Jean-Christophe Bretxa, Head of Third Party Fund Management comments: With over €5 billion of retail property under management through out Europe, AXA REIM is already a major player in retail real estate. This strategic acquisition in Sweden is a major step in the development of ERIV. Our team will capitalise on our knowledge and expertise to identify opportunities and focus on countries and market segments where there is great potential and value for our investors.
Johan Elfstadius, Head of Colliers Stockholm and exclusive advisor to the purchaser, explained : We appreciated very much being involved in the first acquisition of ERIV in Sweden. The portfolio is ideal for an active asset manager like AXA REIM.
Further commenting on this transaction Jan Wejdmark, CEO from Newsec Investment A.B. and exclusive advisor to the vendor said: We are very pleased about the collaboration with AXA REIM in the sale of this portfolio. We are convinced that the quality of the retail assets, locations and tenants have contributed to this successful transaction.
Source: AXA REIM