AXA Real Estate Investment Managers (AXA REIM) says its European Retail Income Venture (ERIV) – a pan-European fund launched in September 2005 to invest in retail assets – has acquired a portfolio of retail assets in Sweden, from Niam Retail Holding.
The ERIV fund has a Euros 700 million leverage capacity, which it uses to invest in retail warehouses, retail parks, supermarkets and retail shops in city centers. It is interested in operating assets as well as projects under development.
ERIV has already acquired assets in Belgium and Spain and is seeking to acquire single properties and portfolios in West, North and Central Europe, especially any with refurbishment or asset management opportunities.
The portfolio acquired for Niam consists of 71 supermarkets and 2 distribution centers totaling 128,000 square meters. The properties are located in different parts of Sweden, but are leased by high profile retail tenants such as ICA, Axfood, Rusta and Jysk.
The acquisition was financed by Eurohypo.
“We are delighted to have been able to have closed this major transaction,” says Richard Ray, Head of acquisitions for Belgium and the Nordic region. “We believe this is a clear demonstration both of AXA REIM’s commitment to Nordic Countries as well as our ability to move quickly and competitively on behalf of our clients. AXA REIM has developed a strategic asset allocation plan for the region in all commercial property sectors, responding to the needs of several of our clients”
Jean-Christopher Bretxa, Head of Third Party Fund Management at ERIV, describes the Swedish purchases as “strategic.” AXA REIM as a whole now has assets worth Euros 29 billion under management.