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Image: DekaBank

Deka Immobilien acquires retail property in Sweden

Deka Immobilien GmbH has acquired a retail park in Sweden for around EUR 70 million. Aberdeen Standard Investments European Real Estate Club II sold the property, which will be added to the portfolio of the WestInvest TargetSelect Shopping sector fund for institutional investors.

The “Ingelsta Retail Park” is an established retail park in Norrköping, a location with a high level of retail agglomeration 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 offers more than 37,000 sq m of leasable space and around 1,200 parking spaces. It is leased under long-term leases to 15 well-known tenants, with a focus on the do-it-yourself, home and living, decoration and fashion segments, with Bauhaus as the main tenant.

The tenant mix is rounded off by the Willys supermarket chain and a government liquor store. The property can be expanded to add more than 4,200 sq m of retail space, which is expected to be completed by 2021. Lease agreements already exist for this space. The Ingelsta location is one of the top retail locations in Sweden and offers good traffic access.

This second acquisition in Sweden allows fund management of WestInvest Target Select Shopping to further improve the geographical diversification of the fund.