Aviva Investors and LaSalle Investment Management acquire Swedish Retail Park with Genesta
2 February 2014 - Aviva Investors and LaSalle Investment Management are pleased to announce their first retail acquisition in Sweden.
The retail property Stansen 1 was purchased in Häggvik, north of Stockholm from UBS (D) 3Sector Real Estate Europe fund. Acquired by a pan-European open-ended fund jointly managed by Aviva Investors and LaSalle Investment Management, the 17,500 sqm multi let retail warehouse park will contribute positively to the Fund’s already strong distribution yield as well as up weighting the portfolio retail sector allocation. Genesta is the local operating partner for the investment.
This latest acquisition will be the Fund’s and LaSalle’s first retail purchase in Sweden. It has been initially funded using equity only. Stansen 1 is expected to provide robust income as well as opportunities to improve the park with active asset management which is one of the Fund’s strengths.
Ian Williamson, Head of Continental European Core Funds, at LaSalle declared: “Stansen 1 is strategically located in the northern affluent suburbs of Stockholm. The asset is anchored by the grocery chain Coop coupled with other tenants such as Jysk, Jula and Blomsterlandet. The investment provides a stable cash flow and asset management upside. The asset benefits from excellent visibility, signage and commercial frontage towards the highways and surrounding retail area.”
Mr Williamson added: “Our disciplined management team will continue to seek core plus deals across Europe as the Fund grows. Thanks to their hard work, more than 35,800 sqm of leases have been signed or prolonged this year, representing €5 million of annual income across France, Germany, Sweden, Spain and the Netherlands. This has underpinned the Fund’s strong income performance and maintained the Funds balanced and diverse real estate profile.”
Gil Bar, senior director, real estate at Aviva Investors, said: “This acquisition further adds to the well-diversified and balanced portfolio we offer.
“This new portfolio composition should help continue with the increased interest in new equity allocations from various European institutional investors.”
The buyer was advised by Linklaters and the seller was represented by Falkenborn and JLL.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $58 billion as of Q4 2017 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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