CBRE Global Investors has successfully completed the sale of Valbo Köpcentrum in Gävle, Sweden. The sale to Eurocommercial Properties forms part of a disposal programme for the European Shopping Centre Fund (ESCF).
The shopping centre, which has recently been partly refurbished, is let to 70 tenants including H&M, Systembolaget, Clas Ohlson, KappAhl, Lindex, Stadium and the main Varner Group brands. The centre is attached, and partly-let, to an IKEA store. The retail zone is further strengthened by the nearby Valbo retail park where major tenants include Elgiganten, MediaMarkt, MIO and XXL.
Toby Smith, Portfolio Manager ESCF, CBRE Global Investors, said: “We are very pleased with this transaction and to have worked with ECP on this deal. We have achieved strong returns for our investors by repositioning the centre and refreshing the tenant mix through the reduction of the hypermarket space, an approach which we believe offers considerable value."
The asset was acquired in July 2014 in a joint-venture with the Teachers Retirement System of Texas (TRS). This latest transaction follows the wider ESCF disposal program which has included Galeries Saint Lambert (Belgium), Tyresö Centrum (Sweden) and StadtCenter Düren (Germany).
- ENDS -About CBRE Global InvestorsCBRE Global Investors is a global real estate investment management firm with $98.3 billion in assets under management* as of September 30, 2017. CBRE Global Investment Partners is a division of CBRE Global Investors that delivers investment solutions using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy.CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.