CBRE Global Investment Partners (CBRE GIP) announced today the acquisition of Bromma Blocks, Stockholm for an undisclosed amount. The acquisition was completed on behalf of the CBRE GIP European Co-Investment Fund (ECF), the firm’s European value add program, in a joint venture with Vencom. The seller was a controlled affiliate of Starwood Capital Group.
Bromma Blocks is a dominant retail scheme located in Bromma, one of Stockholm’s wealthiest districts and eight kilometres west of the CBD. The property is 96% leased, comprising a total lettable area of approximately 57,000 m², of which 25,000 m² is a shopping centre (“the Gallery”) and 32,000 m² is a prime retail park. The property combines typical large “big box” retailers in the retail park and a more fashion-focused retail offering in the Gallery. Main tenants include Coop, XXL, Ahlens, H&M, Jula and Rusta. There is parking for 2,300 cars.
A building permit has been granted to double the retail floor space of the Gallery via an extension, which will comprise four levels and will be integrated with a newly constructed tram stop.
“The acquisition of Bromma Blocks is in line with one of the Fund’s key strategies – to acquire dominant retail assets in liquid markets that can be enhanced through further development and refurbishment,” said Charles Baigler, Fund Manager of ECF. “We are working with a specialist local operating partner to deliver the business plan.”
CBRE GIP was advised by CBRE and Linklaters on the transaction.
