Savills IM launches Nordic retail fund, acquires Swedish retail parks

Savills Investment Management, the international real estate investment manager, has launched Nordic Fund III – Retail. The fund has raised €110 million ($130 million) ahead of its first close and has acquired four Swedish retail parks located alongside IKEA stores as its first assets.

Nordic III – Retail is a core-plus real estate fund that will invest in high street properties, locally dominant retail centers and warehouses, and retail parks across Sweden, Denmark, Norway and Finland. The fund will leverage Savills IM’s Nordic platform and retail specialists to drive net operating income and capital returns.

The four assets that have been purchased for a total of €130 million ($154 million) from IKEA Centres on behalf of the fund are retail parks located next to IKEA stores in strong catchment areas. These assets are located in Borlänge, Uppsala, Uddevalla and Haparanda. They all have a strong and diverse mix of tenants with strong national brands, in add