Gallerian Nian is a dominant 21,155 sq m city centre shopping centre, built in 1973 and renovated in 2014. It comprises 50 retail tenants laid out over two floors and has 700 parking spaces. There is one floor of offices with nine tenants and a cinema complex. The asset is anchored by Coop, Systembolaget, H&M, Lindex and Clas Ohlson. Footfall has been strong and stable since 2013 with over 5.1 million visitors per annum.
Gävle is a city with circa 100,000 inhabitants and is located 175 km north of Stockholm. The shopping centre is located in the prime pitch of Gävle´s city centre and is easily accessible by car.
Toby Smith, Portfolio Manager, ESCF II, CBRE Global Investors said: “This is a rare opportunity to buy a core asset at an attractive yield level. It is a stable, fully let, well performing asset that offers secure income through the hold period on the back of its more than five million visitors and low OCR levels.”
“Gallerian Nian will be the eighth asset in the portfolio providing further exposure to Sweden, one of the Fund´s most sought after markets given its compelling retail dynamics. We will deploy the full extent of our retail operating platform to execute on a business plan that focuses on income return and extending leases at expiry to produce returns in line with the Fund´s objectives” added Florencio Beccar, Fund Manager ESCF II, CBRE Global Investors.
ESCF II is €796 million in size and has eight assets under management in seven countries.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide. CBRE Global Investors is one of the largest non-listed retail managers in Europe with 75 shopping cenres under management.
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.