HIG Capital and Trevian Asset Management have paid €107m for a Finnish retail property portfolio.

AXA Real Estate said it sold the portfolio to the joint venture.

Finnish company Trevian will asset manage the portfolio for HIG.

AXA sold the 128,500sqm portfolio on behalf of one of its funds.

The portfolio of 123 retail assets is 95% and dominated by grocery stores, ranging from 5,688 sqm to 236 sqm. 

AXA said the portfolio was spread across 90 municipalities in residential areas of Western Finland.

Despite the sale, Henrik Bastman, AXA Real Estate head of Nordic asset management, said the company still saw “strong underlying fundamentals” in Finland’s real estate market.

In July, AXA bought a Helsinki office property for its Italian Caesar fund. 

The core, 5,922 sqm property was bought for the fund, managed by an Italian SGR (Societa’ di Gestione del Risparmio) for institutional investors.

The deal followed the June purchase for €41m of a fully let, 12,000 sqm property in Ruoholahti.