AB Kristianstadsbyggen takes over as new property owner for Galleria Boulevard in central Kristianstad.
As of the start of the new year, municipal AB Kristianstadsbyggen (ABK) will be the new property owner for Galleria Boulevard in central Kristianstad. The new mall has historically had high vacancies, but there are hopes for a revitalization under the new ownership. This week, the purchase agreement with Steen & Ström was completed, with the price set at SEK 470 million.
The municipal council in Kristianstad finalized the deal on Tuesday, marking the transition of ownership. Christer Nilsson (M), chairman of ABK, expressed confidence in the property’s potential, stating, “We are convinced that as local property owners, together with the municipality, we have great opportunities to create something that will really become an asset in a long-term perspective.”
Björn Tjaum, Head of Investments at Steen & Ström, noted that the company’s decision to sell Galleria Boulevard aligned with their strategy to focus on shopping centers in larger Scandinavian cities.
The purchase price of SEK 470 million will result in the property being located in two newly formed subsidiaries of ABK, facilitating flexible development and ensuring that ABK’s tenants are not financially impacted by the purchase. The municipality plans to design a financial structure to cover expected deficits initially, with the belief that the investment will be repaid in the long term.
Currently, there are 23 active businesses in the mall, including shops, a cinema, gym, cafes, and restaurants, along with more than 1,000 parking spaces. ABK, known for being a public housing company with roughly 9,300 rental apartments in Kristianstad municipality, is also a large property manager with 240 stores, offices, and other business premises.
Following the sale of Galleria Boulevard, Steen & Ström now only owns four shopping centers in Sweden, including Emporia in Malmö, Allum in Partille, Kupolen in Borlänge, and Marieberg outside Örebro.