Standard Life Investments completes purchase of Swedish retail park
17 September 2015
The Standard Life Investments European Real Estate Club L.P. (Euro Club) has completed the purchase of Länna Retail Park in Stockholm, Sweden.
Länna Retail Park is well established, having opened in 2002. It totals approximately 33,400 sq m of retail space, currently leased to 12 tenants. It is home to an attractive mix of retailers, anchored by three of Sweden’s leading retail chains; hypermarket City Gross, and consumer electronic chains Media Markt and Elgiganten.
Located close to the main motorway for southern Stockholm, Nynäsvägen, the retail park is a 15-minute drive to the city centre. With over a thousand parking spaces, the retail park has seen visitors increase by 35 per cent since 2010.
Daniel McHugh, Head of Continental European Real Estate at Standard Life Investments, commented:
“This deal is a strong continuation of the fund’s investment programme. Our strategy is to focus on prime assets in core European markets with some measured risk, and this acquisition perfectly reflects this approach. Retail sales in Sweden have grown steadily in recent years and Länna Retail Park is well placed to take advantage of further local growth.”
The Standard Life Investments European Real Estate Club completed its final close in October 2014 successfully raising €308 million of equity from global investors. The club builds on Standard Life Investments’ long and successful track record in Europe where it launched one of the first pan-European balanced funds, the European Property Growth Fund, in 2001.
Savills acted for Standard Life Investments in the Länna Retail Park deal; JLL acted for the vendor.