Eurocommercial Properties N.V. ("ECP") announced today that it has acquired four further shopping centres in Sweden at a cost of € 86 million with an overall net yield of 7.5%. ECP now has a total of six centres there with a value of about € 158 million, representing approximately 13% of the Company's € 1.2 billion property portfolio. The balance being Italy (40%), France (40%) and The Netherlands (7%). Shopping centres and other prime retail property now account for around 87% of the total. Three of the shopping centres were acquired as a portfolio from ICA AB and the other from Kf Gota, a member of the Cooperative Union. These two organisations are the major food retailers in Sweden.
ECP director responsible for Scandinavia, Peter Mills, said that he believes that the relationship the Company has developed with major Swedish retail groups will be of great value as it consolidates its position as one of the major investors in shopping centres in the country, as it has already done in France and Italy. He added that the higher yields available for good Swedish shopping centres are attractive when compared with much of Western Europe where there is an extremely limited supply of sound investments.
For additional information please contact:
|
Peter Mills |
+ 44 20 7925 7860 |
|
Jeremy Lewis |
+ 44 20 7925 7860 |
|
Evert Jan van Garderen |
+ 31 20 530 6030 |
|
Tom Newton |
+ 44 20 7925 7860 |
|
Tim Santini |
+ 44 20 7925 7860 |
Details of the properties acquired follow.
Property Details
ICA CENTRES
Summary
Price: SEK 545 million (€ 61 million).
Net income: SEK 41 million (€ 4.56 million)
Net yield: 7.3% after acquisition costs
Total area: 45,500m²
ICA rent: 60% of total
ICA area: 56% of total
Average gallery rents: SEK 970 per m² (€ 108 per m²)
Vendor: ICA AB
|
Town |
Address & Location |
Description |
Gallery Floor Area |
Major Gallery Tenants |
Average Gallery Rent |
ICA Hypermarket |
Car spaces |
|
Norrköping
Sweden's 8th largest city with population 122,000 |
MaxiHuset
Ingelsta retail park |
Norrköping's largest out of town shopping centre comprising hypermarket,
16 stores and restaurant - opened September 1994 |
7,000m²
|
H&M
KappAhl
Lindex
Stadium
Din Sko
JC
Guldfynd
|
SEK 1,103 per m²
(€ 123 per m²) |
Hypermarket floor area: 9,580m²
15 year lease without break
|
1,000 |
|
Skövde
Population 50,000 |
MaxiHuset
Main retail park north of city |
A shopping centre comprising hypermarket, 12 stores and restaurant - opened in 1996
|
9,000m² |
KappAhl
Lindex
BR Leksaker
Skopunkten
Siba
Sportex
Elgiganten
|
SEK 905 per m²
(€ 101 per m²) |
Hypermarket floor area: 7,500m²
15 year lease without break |
1,000 |
|
Laholm
Municipality: Population 24,000
|
Mellby Centre
Halland west coast on E6 motorway |
A hypermarket and service gallery with 11 stores and restaurant - opened in 1978 |
3,000m² |
KappAhl
Lindex
Guldfynd |
SEK 880 per m²
(€ 98 per m²) |
Hypermarket floor area: 8,235m²
15 year lease without break |
700 |
SAMARKAND, VÄXJÖ
Summary
Price: SEK 232 million (€ 25.8 million).
Net income: SEK 19.2 million (€ 2.133 million)
Net yield: 7.7% after acquisition costs and SEK 13 million contribution towards hypermarket refurbishment
Total area: Retail - 22,900m², Office - 1,600m²
Hypermarket (Coop Forum): 12,000m² - 50% of total rental income
Vendor: Kf Gota
|
Town |
Location |
Description |
Floor Area |
Major Tenants |
Average Retail Rent |
Coop Forum Hypermarket |
Car spaces |
|
Växjö
Population 75,000
Regional capital of Kronobergs County Population 180,000 |
The region's dominant retail park |
The major interest in the Samarkand retail park including hypermarket and several multiple retailers |
24,500m²
|
Coop Forum
H&M
KappAhl
Stadium
Systembolaget
OnOff
Intersport
Kf Gota office headquarters |
SEK 1,056 per m²
(€ 117 per m²)
|
Hypermarket floor area: 12,000m²
Lease until December 2008
|
Approx. 1,000 |
|
Group offices:
London
4 Carlton Gardens London SW1Y 5AB Tel: 44(0) 20 7925 7860
Fax: 44(0) 20 7925 7888 |
Milan Piazza della Repubblica 30 20124 Milan Tel: 39 02 63 28 14 227 Fax: 39 02 29 00 00 53 |
Paris 10 Rue du Havre 75009 Paris Tel: 33 (0) 1 48 78 06 66 Fax: 33 (0) 1 48 78 79 22 |