ING REIM acquires prime shopping center property for €44.7 million in Kalmar (SE)

ING Real Estate Investment Management (ING REIM) announces the acquisition of Baronen Shopping Center, a prime shopping center property in central Kalmar in Sweden from the estate of Gustaf De Geer for €44.7 million, reflecting an initial yield of slightly below 7%.

Baronen SC, Sweden

Baronen Shopping Center.

The property will be added to the ING Real Estate Nordic Property Fund (NPF), a semi-open ended balanced core plus fund investing in Sweden, Finland and Denmark. The acquisition is in line with NPF's strategy to increase investment exposure to quality assets in Sweden and adds to the substantial portfolio that NPF already holds in Sweden.

"This acquisition fits very well into our allocation strategy with our focus on prime retail assets in strong secondary cities. We believe most value for NPF can be found in these kind of cities," said Peter Helfrich, Managing Director of ING REIM Nordics.

With this acquisition, NPF expands its portfolio to 149 properties with a portfolio value of approximately €1 billion.

"The transaction is a great step in our continuous effort to strengthen our Nordic retail platform and the center will be a welcome compliment to our other shopping centers, and we are actively looking for further interesting investment opportunities. We will continue to active manage this asset and keep it as the strongest shopping center in the Kalmar region," said Johan Bråkenhielm, Investment Manager of ING REIM Nordics.

Source: ING Real Estate Investment Management

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