Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce that it has acquired Barkarby Retail Park 4:7 near Stockholm for ca. 63 million on behalf of the iii-BVK Europa-Immobilien-Spezialfonds*, an institutional real estate fund of Bayerische Versorgungskammer (BVK), which Invesco Real Estate has managed since 2000.
Bettina Knirsch, IRE's Director - Fund Management, says: "This high-quality property is located in one of Stockholm's dominant retail warehouse parks. The prosperous location means that the retail park itself is expected to expand as well as benefit from additional residential and commercial space which is being developed nearby, so we are delighted to be able to add this asset to our client's portfolio.
"The investment complements the existing portfolio of assets well by providing diversification within the retail sector, a sector we believe will perform strongly over the medium-term, and focusing on strong real estate fundamentals of a high quality property in a core location with the benefit of being multi-let. It also brings to 21 the number of assets within the portfolio which IRE manages for BVK, totaling ca. 930 million."
The Barkarby Retail Park 4:7 comprises 22,799 m² across four modern buildings, which are let to anchor tenants Media Markt, Mio, Jula as well as Chilli, Electrolux Home, EM and XL-ZOO, It is ideally located being part of the wider Barkarby Retail Park area, which comprises around 80 stores and is within 25 minutes of central Stockholm.
Rob Johnston, IRE's Senior Director - UK and Nordic Transactions, says: "The immediate vicinity surrounding the retail park, known as Barkarby City, is one of Stockholm's largest urban development projects over the next 10 years comprising improved infrastructure and residential development. This extensive development of the area, which we believe Barkarby will benefit from, was one of the attractions of the asset."
*The fund is a separate account dedicated to an institutional client, and therefore closed for subscriptions to investors.
Source: Invesco Real Estate