Genesta Executes Major new Long-term Lease with City Gross at Värmdö Marknad Shopping Centre

Gustavsberg, Sweden 15/02/16

Genesta has executed a major new lease with City Gross, a leading Swedish grocery chain, for 5,500 m2 of retail space at the Värmdö Marknad shopping center. The 25,000 m2 retail property, located in the eastern part of Greater Stockholm, is now fully occupied.

Värmdö Marknad shopping center
The Värmdö Marknad shopping center is located at Gustavsbergsvägen 24-32 in Värmdö municipality, approximately 20km south east of Stockholm CBD. A big box retail park constructed in 2004-2005, it consists of two buildings with a total leasable area of 25,000 m2. With the addition of City Gross as an anchor tenant, Värmdö Marknad now offers shoppers eleven big name retailers including Coop Forum, MIO, Jysk and the neighboring retailers Plantagen and Biltema; an attractive retail mix including groceries, home furnishings and household goods. With two leading grocery chains at Värmdö Marknad it will be an even more attractive retail proposition for shoppers and prospectively increase customer flow to the strategically located shopping center. The new City Gross supermarket is expected to open in autumn 2016.

The area immediately surrounding Värmdö Marknad shopping center is benefiting from the construction of approximately 1,400 residential units over the next 3 years, as well as improved and expanded bus routes connecting the town of Gustavsberg and Stockholm, a new commercial park and a new depot serving the greater Värmdö region. Along with a steady growth in permanent residents, the municipality also expects approximately 600 new jobs to be created. Värmdö is one of Sweden’s fastest growing municipalities.

Genesta was assisted in the leasing process by RED, Stockholm.

City Gross
City Gross is Sweden’s fourth largest and fastest growing grocery chain with 39 supermarkets in Sweden and online grocery shopping service City Gross Matkasse. City Gross is owned and operated by family-owned Bergendahls Food group. The new 5,500 m2 supermarket at Värmdö Marknad shopping center will be City Gross’ first establishment east of Stockholm and the brand is set to increase the competition for grocery customers east of Stockholm.

Maguns Schön, Head of Business Development, Bergendahls Food:
- We are delighted to be opening our new supermarket at Värmdö Marknad shopping center in the fastest expanding part of Värmdö municipality. The new City Gross supermarket, which will open in autumn 2016, will provide grocery customers in the area with more choice and we have already seen in an increase in demand for our online grocery products east of Stockholm.

David C. Neil, CEO, Genesta:
- We are very happy to have attracted City Gross, Sweden’s fastest growing grocery chain, to Värmdö Marknad shopping center. The addition of City Gross will drive customer flow to the shopping center which will also benefit our current tenants.