Henderson Global Investors, on behalf of its German business Warburg Henderson, has agreed the acquisition of a prime shopping center in Sweden from Alecta Pensionsförsäkring Ömsesidigt, for SEK 558 million (61 million). The asset has been acquired for Warburg - Henderson European Core Property Fund No. 1.
Eskilstuna is located in the expanding Malarden region of Sweden, and offers extremely good connections by car and rail to Stockholm.
The shopping center comprises 55 stores and is dominated by the leading Nordic retailers including H&M, Kappahl, Lindex and InterSport.
In recent years, the center has twice been voted 'most popular shopping center in Sweden' by local leading trade journal Market. Opportunities for the center include further strengthening the tenant mix and the development of a 7,600-m² expansion.
Mike Sales, Managing Director and CIO of Henderson Global Property commented: "Tuna Park represents a great investment in the current climate where we are witnessing a very limited supply of prime retail properties on the market. It is a very strong asset, boasting an excellent condition, great location, stable cash flow and a significant value enhancing development potential.
"As a company we are increasingly watching the Nordics with interest. In particular, we view Sweden as a country with one of the strongest economies in Europe and forecast strong growth within its retail sector."
Cushman & Wakefield and Mont Fort Property Group acted for Henderson while Catella acted on behalf of Alecta Pensionsförsäkring Ömsesidigt.
Source: Henderson Global Investors