Cordea Savills, on behalf of Europa Immobiliare No.1, an Italian-domiciled commercial property fund, has completed the acquisition of three retail properties in Sweden from Sveafastigheter, a private equity firm focusing exclusively on real estate investments. Located in Nacka, Gävle and Köping, the properties have a combined rental space of 32,200 m². Retail and grocery chains in mid- to long-term contracts are the main tenants in the properties. The price of approximately €40 million (SEK 400 million) reflects an initial yield of 6%. Acquisition advice was provided by King Sturge and CB Richard Ellis.
This brings the number of properties acquired by the fund to 13, taking the gross value of assets purchased in the fund to 370 million. The fund has already purchased office buildings in Rome, Milan and London, logistics and residential accommodation in Italy and a leisure park in Greater London.
Dominic White of Cordea Savills, comments: "The fact that we are now buying in Sweden reinforces the international reputation of Cordea Savills. We have researched Sweden extensively and concluded that it offers great potential. These acquisitions further geographically diversify the fund."
The Europa Immobiliare No.1 fund is managed by Vegagest SGR and Cordea Savills acts as the property advisor and delegated manager for the fund outside of Italy. The fund has a pan-European investment strategy.
Source: Cordea Savills