The property consists of three floors with basement, ground and upper floors and has a total of nine shops, three restaurants, a fitness studio as well as smaller offices and storage rooms. Tenants include Åhléns AB (department store chain), KappAhl AB (fashion) and Stadium Sweden AB (sporting goods). The lettable area is approx. 7,800 sqm. The property is fully let on a long-term basis.

Helsingborg is one of the fastest growing cities in Sweden and the property is located in an established location on the main shopping street Kullagatan. Kullagatan is the city's most important retail destination and one of Sweden's oldest pedestrian streets with a wide range of services in the immediate vicinity.

"Investments in retail real estate in Scandinavia are supported by stable GDP growth, low unemployment and growing per capita income in the region, with a corresponding positive impact on consumer spending and retail sales. As a result, local and international retailers continue to push into the Nordic region, which in turn is reflected in rising rents and high demand for high quality retail space - and little supply at the same time," says Peter Broström, Head of Nordics at Savills IM.

"The current acquisition brings the portfolio of Savills IM Nordic III Retail to a total of seven properties in Sweden and Denmark. The city of Helsingborg on the coast of southern Sweden is one of the fastest growing cities in the country. With its prime location in the city's most important shopping street and its letting to established retailers, the property fits perfectly to the fund's strategy. We are currently sourcing new acquisitions," says Robert Göthe, Director at Savills IM.