1. News
July 19, 2016

Starwood Capital and Vencom to sell retail assets in Sweden

Starwood Capital Group and Vencom have agreed to sell six retail parks and shopping gallerias in Sweden to Trophi Fastighets.

Starwood Capital Group and Vencom have agreed to sell six retail parks and shopping gallerias in Sweden to Trophi Fastighets.

The transaction is valued at around SEK3.1bn ($360m) and is expected to be completed by September this year.

Trophi Fastighets is managed by Redito and owned by the Swedish pension fund AP3. The assets to be sold by Starwood Capital and Vencom will include Arninge in Täby, Bäckebol in Göteborg; Boländerna in Uppsala, Jägersro in Malmö, Tunapark in Eskilstuna, and Weibullsholm in Landskrona.

Starwood Capital Group's vice-president Richard Vaaje said: "We are pleased that these retail assets have benefited from the steady growth of the Swedish economy and strong retail sales, as projected in our investment thesis."

"Assets to be sold include Arninge in Täby, Bäckebol in Göteborg, and Boländerna in Uppsala."

Vencom's chairman Johan Gustafsson said: "During the years under our ownership, we have worked to actively develop these assets to create value.

"In particular, we focused on enhancing Arninge, where the municipality of Täby is currently processing a building permit of 18,000m², as well as Bäckebol, where we acquired a nearby asset of 30,000m² of land, which has been partially sold to the listed grocery store company ICA.

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“We also created and initiated a plan for the redevelopment and repositioning of Jägersro Centre."

Cushman & Wakefield, Mannheimer Swartling, and PwC have acted as the advisors for this transaction.