The UK’s Boultbee Asset Management has won the hotly contested race to buy a €1bn (£680m) retail portfolio in Sweden.
The company is owned by the City of Stockholm and its assets comprise 10 shopping centres in the central and greater Stockholm area.
Boultbee beat Dutch property company ING, Eurocommercial Properties which had teamed up with Norway’s Steen and Strom, and Norwegian life fund KLP. It is said to have secured the deal at a yield of around 4.8% which would put it well above the SEK.
The total annual income of the portfolio is SEK695m (£51m) and the largest asset in the portfolio is the 684,590 sq ft (63,600 sq m) Skarholmen shopping centre. Its tenants include H&M, Lindex and German supermarket operator Lidl.
The centre accounts for half the value of the portfolio. However, the centre is undergoing a refurbishment programme and will not be fully open or trading until 2009 so its future income and trading figures have still to be determined.
Other centres included in the portfolio are the 193,750 sq ft (18,000 sq m) Faltoversten shopping centre and the 107,640 sq ft (10,000 sq m) Vastermalmsgallerian shopping centre. The portfolio also has office, residential and health clinic properties.
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