Hypo Real Estate Bank International, Stockholm, is providing 60 million euros in structured acquisition financing including a Capex facility to JER Partners for the purchase of 32 retail properties from AXFAST. The acquired portfolio comprises over 110,000 m² of retail space in cities throughout Sweden.
The majority of the properties are in town center locations and are leased to national retail chains including Hemköp, Willys and Åhléns. The acquisition is expected to close by the end of October 2004.
Constantin Graf Stolberg, Managing Director of Hypo Real Estate Bank International, Scandinavia, comments: “Our team is very pleased to conclude this deal with such a well reputed partner. The acquisition is the first transaction for JER in Sweden and it is further evidence of the increasing activity of foreign property investors in the Nordic markets and in particular in the retail sector.”
Source: Hypo Real Estate Bank