30 December 2020
Grosvenor Europe sells Burlöv Center, Malmö
Grosvenor Europe has sold Burlöv Center and surrounding land in Malmö, Sweden, on behalf of the Grosvenor European Retail Partnership (GERP) Fund.
Burlöv Centrum is in Malmö, one of the strongest growing regions in Sweden. The centre offers 43,000 sqm of retail space and generous car parking facilities. Anchor tenants include Maxi ICA supermarket, H&M, the government-owned alcohol chain Systembolaget and a Nordic Wellness gym.
The vibrant heart of the local community, the asset is also part of a large urban development project, which will see the rejuvenation of the public realm, increased transport links and the development of residential accommodation surrounding the asset in the near term.
Car Strufve, Director, Nordics, Grosvenor Europe, comments: “Our goal has always been to make our retail-led assets into dynamic mixed-use schemes which serve the wider needs of the community. At Burlöv, we have been able to deliver substantial improvements, and work with the local municipality to secure further development potential, which will create an enhanced sense of place for the local community. Having secured a strong future for the asset it is time that we focus our activities on our core cities, which in the Nordics is Stockholm.”
Grosvenor acquired the asset on behalf of the Fund from Unibail-Rodamco in 2011, as part of a wider portfolio that also includes Haninge Centrum, Bålsta Centrum and Väsby Centrum in Stockholm. The asset was sold to a Malmo-based investor, Trianon, in a joint venture with Wallfast.
About Grosvenor Europe
Grosvenor Europe invests in, develops and manages real estate assets in vibrant European cities including Paris, Stockholm and Madrid. As a part of Grosvenor Group, with a track record of over 340 years, our activities are designed to improve properties and places that will deliver lasting commercial and social benefit in the places we are active.
Our strategy for delivering social benefit identifies five priority areas where we believe we can have the most measurable impact on social and environmental sustainability; sustainable buildings, sustainable businesses and communities, health and wellbeing, nature and net zero carbon. In 2020 we launched our net zero carbon strategy, which commits us to reducing our total carbon impact by 50% by 2030. This strategy was approved by the Science Based Targets Initiative and verified in line with the most ambitious trajectory of the Paris Agreement, to limit global warming by 1.5oC.
As at 31 December 2019, we managed £1.9bn AUM of assets, including Skärholmen Centrum shopping centre in Stockholm, a growing office portfolio in Madrid and Paris and a strong residential development pipeline in Madrid.
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