Niam Fund III and Crown Asset Management have recently purchased part of Luleå Home Center retail park through the joint company Niam Center Luleå AB. The present owner and manager, Galären Luleå, joins the new company as a part-owner and will also continue to manage and develop the five properties.
Luleå Home Center in northern Sweden has established itself as a leading retail park in the Luleå region. Around 170,000 people live within a driving time of about half an hour from Luleå Home Center. The five properties included in the purchase have a total floor area of 14,300 m² and annual rents of nearly 1.5 million. The purchase price is not disclosed.
For Niam and Crown the transaction is a clear indication that it is possible to acquire attractive property portfolios with development potential even in the present active Nordic property market.
"This collaboration is in line with our operating partner strategy", comments Per Johannesson, Managing Partner at Niam. "We have had a successful partnership with Crown for some time, which we are now extending through the agreement with Galären, the market leader in Luleå. Furthermore, we can see a future possibility of building up a portfolio comprising several retail parks in the Nordic region."
"We are looking forward to working with Galären, which has built up Luleå Home Center so successfully, so that we can jointly develop the concept further", adds Sören Ferin of Crown Asset Management.