Brunswick JV divests €88m Swedish grocery store portfolio

Brunswick Real Estate and investment manager Partners Group have sold a 50-asset portfolio to listed property company Tre Kronor for SEK 903 mln (€88 mln).

The portfolio was held by Sveafastigheter Fersen II, a fund co-owned by Brunswick and Partners Group. It comprises 50 assets, including 43 grocery stores, and a total retail area of 69,000 m2. The assets are located across Sweden, with an emphasis on smaller regional cities in the southern and central parts of the country. Department store group ICA is the largest tenant, followed by Coop and Axfood.

Brunswick Real Estate and Partners Group have been responsible for managing the portfolio since its acquisition in 2016, together with Scius Partners as local asset management partner.

Annika Fridolf, fund manager at Brunswick Real Estate said: 'The divestment of the GSS Portfolio is a great example of a well-executed business plan. Since 2016 we have completed strategic add-on acquisitions to the portfolio, renegotiated and extended lease agreements, and made relevant investments in the properties. We are happy to divest a well-positioned portfolio to the growing company Tre Kronor.'

Wistrand Advokatbyrå acted as Brunswick Real Estate’s legal counsel.


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