Standard Life Investments secures planning permission for Malmö Retail Park expansion
17 August 2017
The Standard Life Investments European Real Estate Club L.P. III (Euro Club III) has received planning permission to expand the Stora Bernstorp retail park in Malmö, Sweden, which it acquired in May this year.
A new 17,200 sq m (185,139 sq ft) unit will replace an existing store, expanding the park by some 8,000 sq m (86,100 sq ft). This unit has already been pre-let to DIY and home improvement retailer Bauhaus, which has taken it on a 15-year lease. Work will begin this summer, following the acquisition of land alongside the park to support development work.
Standard Life Investments completed the purchase of Stora Bernstorp in May 2017. These plans will see the site extended to approximately 45,000 sq m (484,375 sq ft). As part of this ongoing work, the park will be rebranded and renamed as Handelsplats Bernstorp.
The retail park is currently home to a range of brands, including family-owned supermarkets chain City Gross, sports retailer Intersport, electronics store Elgiganten Megastore and home improvement brand Flügger Färg.
Daniel McHugh, Head of Continental European Real Estate, Standard Life Investments, commented:
“Stora Bernstorp is well situated on the outskirts of Malmö and has significant potential to become one of the most important retail parks in the area. This expansion of the park will enhance its appeal for retailers.”
Euro Club III is a closed-end real estate investment vehicle that focuses on core markets in continental Europe.
RED, Linklaters and Savills represented Standard Life Investments in these deals.