Klovern acquires 37 assets in Sweden for EUR 105m Date: 9 September 2010 | Category: Mixed
Swedish listed property company Klovern has acquired 37 mixed commercial properties in Sweden from Valad Europe, the pan-European real estate investment manager.
The investment volume comes to EUR 105.5 mln, reflecting a net initial yield of 6.5%.
The 157,000-m2 portfolio of assets were held in Valad's V+ Nordic and V+ Nordic 2 funds. Valad said 31 of the assets are located in Link�ping, four in Norrk�ping and two in �rebro. Both of Valad�s Nordic Aktiv funds invest in high-yielding multi-let real estate with a focus on light industrial estates and mixed commercial assets in the four main Nordic countries.
The transaction follows a period of significant activity for Valad in the Nordic region, which includes two five-year mandates covering assets worth over EUR 700 mln.
The mandates were for the EUR 480 mln Kefren Properties portfolio of 827,000 m2 of office, retail and warehouse properties in Sweden and the EUR 250 mln European Commercial Real Estate portfolio of 53 properties, 30 of which are located in Sweden and Finland. In both situations Valad was appointed by the funds' banks and investors.
Michael Bruhn, head of Nordics for Valad Europe, commented: 'These properties were not being actively marketed; however, Klovern approached us and we decided a disposal of the properties would offer the best return for the funds� investors.'
Following this transaction, Valad now manages EUR 1.6 bn of assets in the Nordic region, spread across six of its 15 European funds, comprising 341 properties and 3,331 tenants in 2.4 million m2 of space.
Valad Property Group manages over EUR 6.2 bn globally.
more info from http://www.propertyeu.info/index-archive/klovern-acquires-37-valad-assets-in-sweden-for-eur-105m/default.asp?page=1
VPG Price at posting:
$1.60 Sentiment: None Disclosure: Held
(20min delay)