Niam Fund III and Crown Asset Management have recently purchased part of Luleå Home Center retail park through the joint company Niam Center Luleå AB. The present owner and manager, Galären Luleå, joins the new company as a part-owner and will also continue to manage and develop the five properties.
Luleå Home Center in northern Sweden has established itself as a leading retail park in the Luleå region. Around 170,000 people live within a driving time of about half an hour from Luleå Home Center. The five properties included in the purchase have a total floor area of 14,300 m2 and annual rents of nearly €1.5 million. The purchase price is not disclosed.
For Niam and Crown the transaction is a clear indication that it is possible to acquire attractive property portfolios with development potential even in the present active Nordic property market.
“This collaboration is in line with our operating partner strategy”, comments Per Johannesson, Managing Partner at Niam. “We have had a successful partnership with Crown for some time, which we are now extending through the agreement with Galären, the market leader in Luleå. Furthermore, we can see a future possibility of building up a portfolio comprising several retail parks in the Nordic region.”
“We are looking forward to working with Galären, which has built up Luleå Home Center so successfully, so that we can jointly develop the concept further”, adds Sören Ferin of Crown Asset Management.
For further information please contact:
Per Johannesson, Niam: +46 8 5175 8551 or +46 708 44 30 51
Sören Ferin, Crown Asset Management: +46 8 611 00 80 or +46 708 385250
Gunnar Tåhlin, Galären Luleå: +46 920 23 51 55 or +46 70 648 14 10
Niam, founded in 1998, is a leading private equity real estate firm in Northern Europe. Our head office is located in Stockholm, Sweden, and we have local offices in the Nordic capital cities of Oslo, Helsinki and Copenhagen. Niam has one of the largest real estate teams specifically focused on the Nordic Region. We recognize that our core strength is our people and our success is dependent upon attracting and developing the top real estate professionals in the region. Simply stated…Niam is people. Niam strives to be the Partner of Choice for Nordic real estate. Our network encompasses strong relationships that extend over decades with leading global institutional investors, European banks, tenants, municipalities and the local community. Our top managers average over 26 years of direct real estate experience. It is this collection of knowledge that makes Niam the Partner of Choice.