CapMan RE has announced that the sale of 22 commercial properties managed by its Fund I to an investor group formed by Samson Properties, the Royal Bank of Scotland (RBS) and Ajanta Oy is expected to be completed on January 31, 2007. The company also said the transaction will not be subject to regulatory approval by competition authorities.
CapMan RE has announced that the sale of 22 commercial properties managed by its Fund I to an investor group formed by Samson Properties, the Royal Bank of Scotland (RBS) and Ajanta Oy is expected to be completed on January 31, 2007. The company also said the transaction will not be subject to regulatory approval by competition authorities.
CapMan announced the sale of its Fund I's entire portfolio for EUR 377.5 mln on December 22, 2006. The portfolio consists of properties in the greater Helsinki area 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 will boost CapMan's 2007 earnings by about EUR 13.5 mln.