CBRE GI Buys for EUR 80M in Gävle
CBRE European Shopping Centre Fund II, a fund managed by CBRE Global Investors, has acquired Gallerian Nian in Gävle, Sweden, for EUR 80M. The vendor was a closed end fund managed by Barings Real Estate Advisers.
Gävle is a city with about 100,000 inhabitants and is located 175 kilometers north of Stockholm. The shopping centre is located in the prime pitch of Gävle´s city centre and is easily accessible by car.
“This is a rare opportunity to buy a core asset at an attractive yield level. It is a stable, fully let, well performing asset that offers secure income through the hold period on the back of its more than five million visitors and low OCR levels,” says Toby Smith, Portfolio Manager, ESCF II, CBRE Global Investors.
“Gallerian Nian will be the eighth asset in the portfolio providing further exposure to Sweden, one of the Fund´s most sought after markets given its compelling retail dynamics. We will deploy the full extent of our retail operating platform to execute on a business plan that focuses on income return and extending leases at expiry to produce returns in line with the Fund´s objectives” says Florencio Beccar, Fund Manager ESCF II, CBRE Global Investors.
ESCF II is EUR 796M in size and has eight assets under management in seven countries. In the Nordics they own Jägersro Center in Malmö and Skanssi in Åbo.