Grosvenor Fund Management (GFM) has agreed to acquire Skärholmen Centrum, one of Sweden’s leading shopping centers, on behalf of its Retail Centers V (Sweden) fund.
Situated in one of Sweden’s growing regions and with a dominant position in south west Stockholm, Skärholmen Centrum is ranked in the top four shopping centers in the country by footfall, with 14 million visitors a year.
Its exceptional community facilities, which include a library, health service and schools, set it apart as more than a shopping center, but as a social hub for the local catchment area, more than 600,000 people. Skärholmen Centrum is positioned as an urban destination at the heart of the local community.
In addition to community facilities, the 98,000 m² asset comprises more than 175 retailers, with anchor tenants including an ICA Grocery store, Systembolaget, H&M and Åhléns, alongside leisure and restaurant uses.
Commenting on the acquisition, Giles Wintle, Regional Director, GFM Europe, said: “Skärholmen Centrum is a unique asset and this acquisition emphasizes GFM’s commitment to the retail sector in Sweden. We will be leveraging our expertise in creating places in which people want to work, shop, learn and relax in order to further develop Skärholmen Centrum as the dominant retail destination in southern Stockholm. Our approach focuses maximizing the experience for the visitors to the center, in turn driving footfall and sales for our international retail tenants.”
GFM has been investing in the Swedish retail sector since 2011 and opened an office in Stockholm in 2012. GFM now has five shopping center assets in Sweden, located in Stockholm and Malmö. The latest acquisition reinforces the business’ long term commitment to the Swedish property market and its strategy of becoming a market leader in Nordic retail.
PBB Deutsche Pfandbriefbank supported GFM with the financing by fully underwriting the debt. PWC, Cederquist, Ramböll, Clifford Chance and TAM Retail also advised GFM on the acquisition.