ING Real Estate has acquired the Stinsen shopping center in Stockholm, Sweden, from CA Fastigheter, for approximately €140 million. As of 1 October 2007 the property will be added to the ING Real Estate Nordic Property Fund (ING NPF), a semi-open ended real estate fund with an uncapped target size. ING NPF was launched in October 2006 and focuses on retail, office and logistic property in Sweden, Finland and Denmark.
Stinsen shopping center in Stockholm.
The property is located in Sollentuna, an expanding part of the Stockholm region that shows strong economic and property fundamentals. Stinsen is currently being refurbished and extended and, when completed in March 2008, will include floor space of 41,000 m² and host some 100 shops and restaurants. Tenants will include, among others, Vinn Stormarknad, Intersport, H&M, JC, Clas Ohlson and Kapp-Ahl.
Commenting on the acquisition, Peter Helfrich, Managing Director at ING Real Estate Investment Management in the Nordics, said, "Prime Stockholm retail assets are hard to come by in today's buoyant investment climate. This acquisition expands the ING NPF's existing portfolio to 159 properties and increases its assets under management to €920 million."
Source: ING Real Estate