Barings Real Estate Advisers has sold its half of a Helsinki retail asset to TH Real Estate.

The 50% stake in the Kamppi Centre in the Finnish capital was sold by Barings’ Nordic Retail Fund.

The deal puts TH Real Estate in a joint venture with co-owner Allianz Real Estate.

The 50% stake values the centre at over €500m.

TH Real Estate bought the asset for its pan-European investment vehicle, the European Cities Fund.

Andrew Rich, lead fund manager, said the 36,600sqm centre has a “prime and diverse tenant mix”.

He said: “The asset has a strong performance track record and additional asset management opportunities.

“Our research has identified Helsinki as a city which is well-positioned to benefit from demographic trends as it enjoys strong population growth and high discretionary spending.”

Tenants include Levi’s, Calvin Klein, Mango, Stadium, and Clas Ohlson.

Nick Pink, head of fund management at Barings, said the manager had refurbished two floors of the asset during its ownership.

Net operating income from the centre has risen by 20% Pink said.

“We felt the time was right to sell our remaining stake in the centre,” he said.

“We have a strong team in place in the Nordics and we will continue to seek investments in the region, particularly those where we are able to apply our asset management skill to create value for our clients.”