Swedish private equity firm Niam has acquired Solåsen Handel, a modern retail park located in an established micro location in Jönköping, Sweden, from Genesta’s GNRE Core Plus. Financial details were kept confidential.
The retail park consists of three properties providing around 36,000 m2 of lettable area across 22 tenants, the largest being K-Rauta, Leos lekland, XXL, MediaMarkt and Rusta. Additionally, a new store for Dollarstore is currently being constructed.
'We are happy to announce that we have acquired a well-functioning retail park with a strong tenant mix, in an attractive and well positioned area in the Jönköping region,' said Victor Wettergren, fund manager. 'Niam will continue to strengthen the retail park even further by, for example, various ESG initiatives.'
Genesta’s CEO David Neil commented: 'We are very pleased with the process with Niam and we are happy to hand over Solåsen Handel to them. Their future plans for sustainable development will benefit both tenants and visitors.’ He added: ‘On behalf of the successor fund, GNRE Core Plus open-ended we will now continue to look for attractive opportunities in good locations across the Nordics.’
The acquisition of Solåsen Handel is the first acquisition in Sweden for the fund Niam Core-Plus III. Most of the capital derives from European pension funds and financial institutions, with a mix of both existing and new investors. The fund will acquire residential, office, logistics, public-use and retail investments in the four Nordic countries.
AG Advokat has been Niam’s legal advisor in the transaction. Gernandt & Danielsson advised Genesta.