Stockholm-listed real estate company Balder is expanding its exposure to the Finnish market by taking a controlling stake in Serena Properties, owner of a €206 mln portfolio of retail assets.
Balder has agreed to acquire a 56% stake in Serena Properties from Ratos, a Swedish listed private equity group, for €50 mln.
Serena Properties owns a 21-asset portfolio of grocery-anchored assets and retail warehouses, spread throughout Finland. Tenants include supermarket firms S-group and Kesko as well as discounter brands. The total leasable area is 150,000 m2.
The transaction is expected to complete in the third quarter of this year dependent on regulatory approval. Should the deal get the green light, Balder will become the majority owner of Serena, alongside Finnish pension fund Varma (43% stake) and Stockholm-based investment manager Redito (1%).
During the autumn of 2015 Ratos entered the Finnish market by taking the 56% stake in the portfolio and forming Serena Properties with existing shareholders, Varma and Redito as operational manager.
Balder owns, manages and develops residential and commercial properties and hotels in Sweden, Denmark, Norway and Finland. The company's portfolio was valued at SEK 88.4 bn (€9.1 bn) at end-March 2017.
