REAL ESTATE

Starwood acquires seven retail centers in Sweden

BY Michael Fickes

London — Starwood Capital Group has acquired seven retail parks and shopping gallerias in Sweden for SEK 3.9 billion, according to CBRE, Starwood’s adviser on the transaction. Kooperativa Forbundet, a Swedish retail group, was the seller.

Located in Sweden’s four largest cities — Stockholm, Gothenburg, Malmo and Uppsala — the seven properties encompass approximately 2.2 million sq. ft. The transaction also includes building rights for another 754,474 sq. ft. spread over three of the locations.

The properties are currently 96% leased, and a Coop, Sweden’s second-largest supermarket chain, anchors each location. In addition to Coop, the tenant lineup includes well known Swedish and international retailers such as XXL, MediaMarkt, H&M and Systembolaget.

As part of the transaction, Starwood extended the Coop leases at four of the seven locations, nearly doubling the weighted average unexpired lease term to 10.1 years.

According to CBRE research, total European retail investment is on the rise, growing to €8.3 billion in third quarter 2013 — an 11.5% increase over the previous quarter and the highest quarterly total to date this year. Investment activity is broadening, both geographically and in terms of asset quality, with the Nordics markets seeing an increase of 25% over the previous quarter.

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REAL ESTATE

Cushman & Wakefield name president and CEO

BY Michael Fickes

New York — Cushman & Wakefield Inc. has appointed Edward C. Forst president and CEO, effective January 6, 2014.

Forst, 53, comes to Cushman & Wakefield from Goldman, Sachs & Co. where he served as global co-head of the Investment Management Division, as a member of the firms management committee and previously as the firm’s chief administrative officer.

He has more than 30 years of experience working in international asset management, capital markets and operational leadership.

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REAL ESTATE

Edwards Realty acquires North & Harlem Plaza

BY Michael Fickes

Oak Park, Ill. — Edwards Realty Company has acquired the North & Harlem Plaza in Oak Park, Ill., for $4.7 million, according to Mid-America Real Estate, which represented the seller, Hudson Advisors LLC, in the transaction.

The 23,320-sq.-ft. center features Dunkin’ Donuts, The UPS Store, Check‘n Go, American Mattress and Batteries Plus.

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