Barings sells Swedish shopping centre
Barings Real Estate has sold the Center Syd Shopping Centre near Malmo in Sweden, on behalf of institutional investors, to a UK-based investor.
Center Syd is a 40,000 sq m shopping centre, anchored by a number of leading international and Nordic retailers. The sale follows the completion of a major refurbishment of the property in 2015, which included connecting the main anchor tenant to the existing shopping centre, increasing the net lettable area, enhancing the interior spaces and improving the entranceway and exterior façade of the building. The successful refurbishment led to a significant increase in both footfall and sales at the centre.
Staffan Unge, Managing Director & Country Head, Sweden at Barings Real Estate, says: “This sale follows the successful redevelopment of Centre Syd by the local Barings team, which has resulted in an increase in space, footfall and turnover in a changing retail environment. Looking ahead, we will be focusing our retail strategy in Sweden on inner city and strong suburban locations, as well as widening our investment strategy to include the office, logistics and residential sectors. We have already made a significant step with our first office acquisition of the Fleming 7 building in Central Stockholm in 2018.”
Barings was advised on the sale by Cushman & Wakefield and Mannheimer Swartling.