German investor Deka Immobilien has acquired a retail park in Sweden for around €70 mln from Aberdeen Standard Investments European Real Estate Club II.
Deka said it would add the property to the portfolio of the WestInvest TargetSelect Shopping sector fund for institutional investors. Marking the fund's second Swedish deal, the transaction 'allows fund management to further improve the geographical diversification of the fund', Deka commented.
The Ingelsta Retail Park is an established retail park in Norrköping, around 160 km south of Stockholm. Construction took place between 2006 and 2008 and the seller repositioned the property in the last two years by concluding new lease agreements.
The property includes more than 37,000 m2 of leasable space and around 1,200 parking spaces. Anchored by DIY chain Bauhaus, its 14 other tenants include home and living, decorating and fashion brands. There is also a Willys supermarket, and a government liquor store.
Deka said that the asset had permission for an extension of 4,200 m2, which is expected to be executed by 2021.
Cushman & Wakefield advised the vendor.