The acquisition is made through Cornerstone Pan-European Core Fund and will be an addition to Cornerstone’s current holding in the Nordic Retail Fund where amongst others Galleria Center Syd north of Malmö is included.

The property – Gyllenstjärna 36 – is located on Södergatan 15 and has 3 floors, with 6,423 sqm leasable area. In addition there will be significant building rights for retail and offices.

“During the investment period we have taken a large step forward in the preparation of realizing our expansion plans for the property” says Thorsten Slytå, director at Vencom. 

“This transaction shows our ability to find and carry through interesting investments for our customers. By taking advantage of our local team and our expertise in retail properties, we believe that we have the opportunity to further develop the property from its currently strong position on the market” says Martin Kjellström, Transaction Manager at Cornerstone.

Cushman & Wakefield and Mannheimer Swartling were advisors to the seller in the transaction.