The portfolio comprises four regional shopping centres, totalling approximately 50,000 sqm of retail space. The assets are located in Örnsköldsvik, Karlskoga, Nyköping and Mjölby.
The seller is Cornerstone (Nordic Retail Fund).
 
The shopping centers is let to more than 90 occupiers overall, the portfolio provides the partnership with a stable and diverse income stream.
 
VNRP, a partnership between Valad Europe and a private equity investor partner, is targeting dominant retail assets located in strong regional cities across the Nordics, with a strong focus on Sweden.
 
Mikael Arne Fogemann, Valad Europe's Head of Nordics, commented: “We chose this high yielding portfolio to seed the Valad Nordic Retail Partnership because it combines good quality assets, in strong regional locations, with a diverse income profile. We believe there is an excellent opportunity to improve value and income over the holding period of the partnership with targeted asset management activity which will be undertaken by our local teams on the ground in Sweden, Denmark and Finland. We have a strong pipeline of investments in due diligence, as we look to deploy further capital into the Nordic market where we have around €300 million of capital to invest and where we have completed approximately €150 million of transactions in the last year.”
 
Christian Bearman, Head of Corporate Development and Private Equity at Valad Europe, commented: “We have identified a theme in the Nordic region, in Sweden in particular, to invest in regional retail shopping centres anchored by food and convenience stores that dominate their local catchment areas. The combination of attractively priced assets and economic forecasts predicting around 2% growth over the next 12 months, linked with CPI-indexed rents, makes this market a compelling investment proposition with the potential to achieve attractive double-digit IRRs for the partnership.”
 
Valad Europe has a team of around 20 in the Nordics operating from offices in Stockholm, Gothenburg, Malmo, Copenhagen and Helsinki. The team manages approximately €355 million of assets comprising 670 tenants, occupying 555,000 sqm of space across Sweden, Denmark, Finland and Norway.