Aviva Investors and LaSalle Investment Management (“LaSalle”) are pleased to announce their first retail acquisition in Sweden. The retail property Stansen 1 was purchased in Häggvik, north of Stockholm from UBS (D) 3Sector Real Estate Europe fund.
Acquired by a pan-European open-ended fund jointly managed by Aviva Investors and LaSalle Investment Management, the 17,500 sqm multi let retail warehouse park will contribute positively to the Fund’s already strong distribution yield as well as up weighting the portfolio retail sector allocation. Genesta is the local operating partner for the investment.
This latest acquisition will be the Fund’s and LaSalle’s first retail purchase in Sweden. It has been initially funded using equity only. Stansen 1 is expected to provide robust income as well as opportunities to improve the park with active asset management which is one of the Fund’s strengths.
Stansen 1 is strategically located in the northern affluent suburbs of Stockholm. The asset is anchored by the grocery chain Coop coupled with other tenants such as Jysk, Jula and Blomsterlandet. The investment provides a stable cash flow and asset management upside. The asset benefits from excellent visibility, signage and commercial frontage towards the highways and surrounding retail area.- Ian Williamson, Head of Continental European Core Funds, at LaSalle
Mr Williamson added: “Our disciplined management team will continue to seek core plus deals across Europe as the Fund grows. Thanks to their hard work, more than 35,800 sqm of leases have been signed or prolonged this year, representing €5 million of annual income across France, Germany, Sweden, Spain and the Netherlands. This has underpinned the Fund’s strong income performance and maintained the Funds balanced and diverse real estate profile.”
This acquisition further adds to the well-diversified and balanced portfolio we offer. This new portfolio composition should help continue with the increased interest in new equity allocations from various European institutional investors.- Gil Bar, Senior Director, Real Estate at Aviva Investors
The buyer was advised by Linklaters and the seller was represented by Falkenborn and JLL.
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $47 billion of assets under management of private and public property equity investments. LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and our clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com
Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £241 billion at 31 December 2013.
- Aviva provides 31* million customers with insurance, savings and investment products.
- We are one of the UK’s leading insurers and one of Europe’s leading providers of life and general insurance.**
- We combine strong life insurance, general insurance and asset management businesses under one powerful brand.
- We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.
* Based on Aviva plc Annual Report and Accounts 2012.
** Based on aggregate 2011 UK life and pensions sales (PVNBP) and general insurance gross written premiums.