CBRE Global Investors announces the acquisition of Jägersro Center in Malmö, Sweden on behalf of the CBRE European Shopping Centre Fund II. The vendor was Trophi Fastigheter AB.
The retail scheme is located in Jägersro in Malmö and is anchored by a Coop Forum, as well as H&M, Systembolaget and Stadium. The centre consists of two separate buildings with a total lettable area of 29,400 sq m. The main building was originally constructed in 1962 and was, at the time, the first hypermarket in Sweden. In 2004, the building was renovated, resulting in its current layout. In 2015, the façade was replaced. Today, the single-storey building contains 35 stores and three restaurants.
This is the sixth acquisition for the EUR 1.2bn fund, which had its final equity closing at the beginning of December 2016. The other shopping centres are located in Belgium, Germany, Poland, Italy and Spain.
Florencio Beccar, Head of Retail EMEA, CBRE Global Investors, commented: “We are excited about this acquisition in Sweden, which complements the fund’s portfolio well. The asset has the solid performance indicators of a stabilised centre offering the opportunity for significant value creation by restructuring the hypermarket, renewing leases and letting the current vacant units. We have successfully restructured assets like Jägersro Center in the past few years and this transaction builds on this theme as assets reach the point in their life cycle in which they need to be fine-tuned to new retailer and customer demand.
Andreas Norberg, Head of Transactions and Managing Director, Nordics, CBRE Global Investors added: “We are pleased to announce the addition of Jägersro Center to our shopping centre portfolio. The asset is well-established and has a strong customer base, and we look forward to developing the scheme even further.”
CBRE acted for the seller.
– ENDS –
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.7 billion in assets under management* as of September 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
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 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit.
*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.
Past performance is not a guarantee of future performance.