German property investor Deka Immobilien has acquired the Länna Market retail park in the Greater Stockholm area for around €81 mln.
Vendor Aberdeen Standard Investments put the asset on the market earlier this year through Cushman & Wakefield for a price between €85-90 mln, representing a yield in the mid-5% range. The sales price represents a yield closer to 6%, according to sources close to the deal.
The property will be added to the portfolio of the WestInvest TargetSelect Shopping fund, representing the fund's first acquisition in the Swedish property market.
Länna Retail Park was developed by Denmark's TK Development and opened in 2002 with around 13,000 m2 of gross space. It was subsequently expanded and currently offers around 37,000 m2 of leasable space and 1,000 parking spaces. The store units are fully leased under long-term leases.