Grosvenor Europe has added the sixth Swedish shopping cente to its portfolio with the acquisition of the Lidingö Centrum in Stockholm.
The investment volume for the off-market transaction was not disclosed. However, Swedish media indicated that Grosvenor paid around SEK 900 mln (€87 mln) to buy the centre from the vendors, Rockspring Property Investment Managers and Vencom Property Partners. Rockspring and Vencom had acquired Lidingö Centrum in 2013 for SEK 771 mln (then €89 mln).
The 19,900 m2 mixed-use scheme is located on the island of Lidingö, 10 minutes’ drive from the centre of Stockholm. The centre serves as the dominant convenience destination on the Lidingö island and comprises 42 tenants, anchored by Coop, Systembolaget, H&M, Dressmann and Lindex. The centre also has offices, a gym, a police station, a district health centre and a dental practice.
James Raynor, CEO of Grosvenor Europe, commented: 'Sweden is a top performer in European markets and continues to offer a solid growth outlook. We see great potential in retail-led mixed-use assets in the Stockholm region, particularly where there is opportunity to add value through the increase of the food and beverage and leisure offer, or through the introduction of residential in some cases.'
Lidingö Centrum is Grosvenor’s first wholly-owned shopping centre in Sweden since entering the market in 2011. The acquisition complements Grosvenor’s existing portfolio, held in investment vehicles, including four town centre retail schemes in the Stockholm region, and one in Malmö.
Grosvenor was advised by Allié Law, Cederquist, Gardiner & Theobald and KPMG, while Rockspring was advised by JLL.