CBRE Global Investment Partners (CBRE GIP) announced today the acquisition of Bromma Blocks, Stockholm for an undisclosed amount. The acquisition was completed on behalf of the CBRE GIP European Co-Investment Fund (ECF), the firm’s European value add program, in a joint venture with Vencom. The seller was a controlled affiliate of Starwood Capital Group.
Bromma Blocks is a dominant retail scheme located in Bromma, one of Stockholm’s wealthiest districts and eight kilometres west of the CBD. The property is 96% leased, comprising a total lettable area of approximately 57,000 sq m, of which 25,000 sq m is a shopping centre (“the Gallery”) and 32,000 sq m is a prime retail park. The property combines typical large “big box” retailers in the retail park and a more fashion-focused retail offering in the Gallery. Main tenants include Coop, XXL, Ahlens, H&M, Jula and Rusta. There is parking for 2,300 cars.
A building permit has been granted to double the retail floor space of the Gallery via an extension, which will comprise four levels and will be integrated with a newly constructed tram stop.
“The acquisition of Bromma Blocks is in line with one of the Fund’s key strategies – to acquire dominant retail assets in liquid markets that can be enhanced through further development and refurbishment,” said Charles Baigler, Fund Manager of ECF. “We are working with a specialist local operating partner to deliver the business plan.”
CBRE GIP was advised by CBRE and Linklaters on the transaction.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.6 billion in assets under management* as of December 31, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide. 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 more than 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
CBRE Global Investment Partners Limited is the Alternative Investment Fund Manager (AIFM) for ECF and is authorized and regulated in the United Kingdom by the Financial Conduct Authority.
*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.