Rockspring announces that it has acquired Lidingö Centrum, Stockholm for SEK771 million (approx. €88.8 million) on behalf of Rockspring’s TransEuropean Property Limited Partnership V from Vasakronan AB (publ). The transaction was executed as an off-market deal.
Located in the north eastern suburb of Stockholm, Lidingö Centrum is a mixed use scheme totaling 27,000 m² of lettable area, of which retail comprises 45% of the GLA.
The acquisition is Rockspring’s third in Sweden, taking its total portfolio from 60,000 m² to 87,000 m² in a total of eight different assets in five different locations in the country.
TransEuropean V is the fifth fund in Rockspring’s TransEuropean series. Launched in 2012 with an ability to invest €700 million, the fund has been designed to enable investors to benefit from the re-pricing of the European property market and create a blend of core, high-cash-yielding core plus and value-adding real estate. To date, the fund has invested €325 million in France, Switzerland, Germany and Sweden.
Charles Baigler, European Director at Rockspring commented:
“This acquisition is in line with the fund’s strategy to purchase assets with the potential to enhance capital value and income through active asset management initiatives. Lidingö is amongst the most affluent municipalities in Sweden and Lidingö Centrum will, with its strong consumer base, attractive retail mix and substantial development potential, be a strong complement to our existing portfolio in Sweden.”
Rockspring was advised by Jones Lang LaSalle.