Grosvenor Fund Management (GFM) has agreed to acquire Skärholmen Centrum, one of Sweden’s leading shopping centres, on behalf of its Retail Centres V (Sweden) fund.
Situated in one of Sweden’s growing regions and with a dominant position in south west Stockholm, Skärholmen Centrum is ranked in the top four shopping centres in the country by footfall, with 14 million visitors a year. Its exceptional community facilities, which include a library, health service and schools, set it apart as more than a shopping centre, but as a social hub for the local catchment area, more than 600,000 people. Skärholmen Centrum is positioned as an urban destination at the heart of the local community.
In addition to community facilities, the 98,000m² asset comprises more than 175 retailers, with anchor tenants including an ICA Grocery store, Systembolaget, H&M and Åhléns, alongside leisure and restaurant uses.
Commenting on the acquisition, Giles Wintle, Regional Director, GFM Europe, said: “Skärholmen Centrum is a unique asset and this acquisition emphasises GFM’s commitment to the retail sector in Sweden. We will be leveraging our expertise in creating places in which people want to work, shop, learn and relax in order to further develop Skärholmen Centrum as the dominant retail destination in southern Stockholm. Our approach focuses maximising the experience for the visitors to the centre, in turn driving footfall and sales for our international retail tenants.”
GFM has been investing in the Swedish retail sector since 2011 and opened an office in Stockholm in 2012. GFM now has five shopping centre assets in Sweden, located in Stockholm and Malmö. The latest acquisition reinforces the business’ long term commitment to the Swedish property market and its strategy of becoming a market leader in Nordic retail.
Ilkka Tomperi, Investment Director, Real Estate at Varma, one of the investors in Retail Centres V (Sweden) commented: "Varma is Finland's largest property investor and has a strategy to expand its international activities significantly. Sweden is a natural choice for us and Skärholmen Centrum is continuation to our other recent investments in the Stockholm Region."
PBB Deutsche Pfandbriefbank supported GFM with the financing by fully underwriting the debt. PWC, Cederquist, Ramböll, Clifford Chance and TAM Retail also advised GFM on the acquisition.
For more information contact:
Sorrel Basher, Press Office
020 7312 6101
Notes to Editors
Grosvenor Fund Management:
GFM offers a range of sector and region-specific property investment vehicles, with a focus on European urban retail and London offices, which aim to deliver attractive, risk-adjusted returns and a high level of client service. Operating from 12 offices in the USA, Europe and Asia, we employ 102 professionals with local knowledge and skills to execute our strategic investment decisions and create value for our investors. As at 31 December 2013, assets under management were £3.2bn with 66 investor partners in 26 property funds, club deals and separate account mandates. For further details, please see our Annual Review available at www.grosvenor.com
Varma Mutual Pension Insurance Company is the largest earnings-related pension insurer and private investor in Finland. The company is responsible for the statutory earnings-related pension cover of more than 860,000 people in the private sector. Premiums written totalled EUR 4.3 billion in 2013 and pension payments stood at EUR 4.8 billion. Varma’s investment portfolio amounted to EUR 39.9 billion at the end of September 2014.
Further information on the shopping centre can be found on the website: http://www.skhlm.se/about-skhlm/