CBRE Global Investors sells Helsinki mall to local investor

CBRE Global Investors has sold the Megahertsi shopping centre in Herttoniemi, Helsinki to eQ Finnish Real Estate (AIF), a special investment fund.

Financial details were not disclosed. Megahertsi is anchored by Tokmanni, Nordics’ largest discount retailer, and has a leasable area of approximately 6,700 m2.

The sale is aligned with CBRE GI's strategy, according to Menno Verhoeff, head of transactions Nordics. 'Given the successful re-anchoring of the centre, we sense it is the right moment to exit. We will continue to invest actively in Finland, strengthening our portfolio base in this country.'

According to Samuel Granvik, investment director at eQ Asset Management Limited, Megahertsi matches 'perfectly' with eQ's strategy to invest in modern quality properties in established commercial locations with good accessibility and strong brands. 'The main tenants, Tokmanni, Alko, SATS and the pharmacy, form a solid foundation for the future development of the shopping centre.'

Future development planned for the property will connect the centre to the adjacent 'Hertsi' development project by YIT and Hartela to form one larger centre. The 20,000 m2 retail extension and three housing towers are scheduled for completion in 2018.

Megahertsi is located in the established residential area in Herttoniemi, which is located six km east from the Helsinki centre, close to the Herttoniemi metro station.

CBRE Finland Oy advised the seller with Castrén & Snellman Attorneys Limited providing legal advice. Hannes Snellman Attorneys Ltd acted as legal advisor for the buyer.