The Swedish private equity real estate firm, Sveafastigheter, has sold part of a retail park in Kalmar, Sweden, to Axa Investment Management for SEK420 million ($52 million; $40.2 million).
The Stockholm-based firm, set up in 2003, originally bought the properties as part of a deal with car manufacturer Volvo. Sveafastigheter redeveloped the area, known as Kalmar Tech Park, and built the Hansa City retail park, which opened in 2006.
In a statement, Sveafastigheter said the sale covers a 27,000-square-metre portion of the park with tenants including housing companies Bauhaus and Rusta, electrical retailer El-Giganten and textile chain Hemtex.
Sveafastigheter retains the right to develop another 13,000-square-metres of retail space at the Hansa City park. This is the fourth divestment for Sveafastigheter this year, totaling SEK800 million and an “average yield of below six percent”, according to the statement. The firm’s second fund, Sveafastigheter Fund II, closed in 2006 on about SEK1 billion.