Scandinavian Property Group (SPG) has signed an agreement with Nordika for the acquisition of Gustavsbergs center located in Värmdö municipality. Today, the center is almost fully let to various tenants, the two largest being Coop and Systembolaget.

The property is today part of a larger planning area where a detailed planning process is underway. The ambition is to create a more vibrant and attractive center by adding a large number of homes to the site and creating opportunities for more important societal functions. The goal is for existing tenants to continue to be able to conduct their business both during and after the development of the center. Gustavsberg is in an expansive development phase and a total of approximately 4,000 homes will be developed in a cultural-historical environment.

"We are very happy to carry out our first acquisition in Värmdö municipality. We continue to acquire projects in the Stockholm region with stable cash flows with a long-term plan to develop the property with housing and important societal functions. The project is added to our Greater Stockholm portfolio, where we now have approximately 3,000 homes under ongoing development," says Carl Zetterqvist, Partner and COO of SPG.

"During Nordika's holding period, we have worked intensively and concretely together with the municipality to enable a new detailed plan that allows for a larger element of housing within the property. This is to modernize the city center trade - but even more important is that you thereby want to create a safe and vibrant district. After just over 6 years of ownership, we have come a long way and can be pleased that SPG is taking over where the detailed plan has now entered a more concrete phase. SPG complements Nordika well as Nordika's focus is on creating long-term sustainable properties, which is achieved when the center is modernized and up to 200 homes are added within the property where construction is SPG's specialty. Värmdö Municipality is one of Stockholm's fastest expanding municipalities and the proximity to the coast and nature - only 20 minutes from Stockholm's inner city makes it an attractive future municipality," says Jonas Grandér, CEO of Nordika.

Tango has been advisor to the seller.