Wigge & Partners has advised Eurocommercial Properties on the acquisition from Konsum Värmland of their Coop hypermarket and 8,000 sq.m of shops adjoining Eurocommerical Properties’ existing gallery at Bergvik Shopping Centre in Karlstad.
The agreed purchase price is SEK 600 million. Konsum Värmland has recently reduced the Coop hypermarket’s gross lettable area to 11,000 sq.m. to create additional shops. When the project is completed in spring 2016 there will be 26 shops and eight restaurants and cafes. 93% of the total area is already let. Konsum Värmland will be responsible to complete the project, Eurocommercial Properties will take over the responsibility for leasing the remainder of the space which is also covered by a rental guarantee. The transaction is expected to complete on 2 November 2015. The combined shopping centre will be Eurocommercial Properties’ largest Swedish asset by value at SEK 1,289 million.