Union Investment has sold the Sisjö Entré retail park in Gothenburg. Since 2008, it has been part of the portfolio of the special fund DEFO-Immobilienfonds 1. The purchase price was not disclosed.
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Union Investment has sold the Sisjö Entré retail park in Gothenburg. Since 2008, it has been part of the portfolio of the special fund DEFO-Immobilienfonds 1. The purchase price was not disclosed.
"We have taken advantage of the brightening retail investment market in Sweden to divest ourselves of this property for portfolio strategic considerations. Thanks to our active asset management, values were raised over the 17-year holding period, which have now been realised in the exit with a purchase price significantly higher than the most recently determined appraisal value," says Felix Brandt, Investment Manager at Union Investment.
"The retail property was one of the first European properties in the portfolio of DEFO Real Estate Fund 1. We want to reinvest the liquidity released promptly and preferably in food-anchored retail parks in Sweden, Spain and the Netherlands," says Michael Kammerzell, Head of Fund Management Real Estate Special Funds at Union Investment.
The retail park is located about 10 km south of the city centre of Gothenburg, Sweden's second largest city. It has a lettable area of around 15,300 m² and is currently 98 percent let.
Union Investment was advised on legal matters by Gernandt & Danielsson, tax on tax matters by KMPG and technically by Drees & Sommer. Panreal from Gothenburg acted as transaction advisor.
