vpg sells (pound) 94.25m portfolio

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Valad sells(pound)94.25m Swedish portfolio
9 September 2010 | By David Doyle.

Valad Property Group has sold a portfolio of Swedish commercial properties for �94.25m.

The property company and fund manager has sold the 37 properties to Swedish property company Klovern.

Totalling 1.69m sq ft, the portfolio has been bought at a net initial yield of 6.5%. The portfolio is 74% occupied.

Klovern's chief executive Gustaf Hermelin said: �At last, one might say. It feels pleasant to be able to state that the property market is getting back on form and that Kl�vern has the strength and muscle to re-enter a growth phase.

�The portfolio offers potential and our staff with their firm local base are ready to serve existing tenants and to fill the vacant premises with new clients.�

Michael Bruhn, head of Nordics for Valad Europe, said: �These properties were not being actively marketed; however, Kl�vern approached us and we decided a disposal of the properties would offer the best return for the funds� investors.

�As we continue to increase the number of assets we manage in the Nordic region, we have created the flexibility required to be more active in the market. As a consequence, we will listen with interest to any approaches or enquiries regarding both buying and selling assets.�

After taking over the properties on October 1 Kl�vern will have a portfolio of 248 properties with a total area of 16.4m sq ft.


more info from
http://www.propertyweek.com/data/global-region/europe/valad-sells-�9425m-swedish-portfolio/5005344.article