Aberdeen fund buys Finnish mall project for €40m

Aberdeen European Balanced Property Fund has acquired the Lauttasaari shopping centre project in Helsinki from local construction firm YIT for over €40 mln.

Construction of Lauttasaari began in 2014, and is currently 75% pre-let with tenants including Kesko, HOK-Elanto and Alko. Delivery is expected in the late-2016.

'Creating sustainable urban environments is the guiding principle of YIT’s corporate responsibility. The Lauttasaari shopping centre, Lauttis, is a perfect example of this: the adjacent metro station and traffic will reduce emissions, the proximity of services adds to the convenience of daily life and the excellent location and high technical quality bring residential and business owners financial security,' commented YIT’s president and CEO Kari Kauniskangas.

YIT was advised by Leimdörfer.

Aberdeen European Balanced Fund is a pan-European vehicle managed by Aberdeen Asset Management Finland.