CapMan Real Estate I fund is to sell its entire portfolio to a joint venture company for EUR 377.5 mln. The portfolio consists of 22 properties in the greater Helsinki area. Most of the assets are modern office buildings with a vacancy rate below 5%.
CapMan Real Estate I fund is to sell its entire portfolio to a joint venture company for EUR 377.5 mln. The portfolio consists of 22 properties in the greater Helsinki area. Most of the assets are modern office buildings with a vacancy rate below 5%.
Samson Properties led by Icelandic investors Thor Bjorgolfsson and Bjorgolfur Gudmundsson is the major shareholder in the joint venture company. Samson Properties is active in the real estate markets in western, central and eastern Europe.
Ajanta, a Finnish private investment company, and the Royal Bank of Scotland (RBS) have minority stakes. RBS, the third largest bank in Europe by market capitalisation, is also providing the financing for the deal.
CapMan Real Estate I and II funds were established and managed by CapMan Real Estate. This company is in turn a subsidiary of Helsinki-based CapMan, a leading equity investor in the Nordic region.
Both funds will continue their active investment operations after the transaction, CapMan said. The deal, which still requires regulatory approval, will boost CapMan's 2007 earnings by about EUR 13.5 mln.
