The CBRE European Shopping Centre Fund II (ESCF II), a fund managed by CBRE Global Investors, has acquired Skanssi Shopping Centre in Turku, Finland for an undisclosed sum from Finnish private equity firm Capman.
The 37,392 m2 shopping centre was built in 2009 and is the dominant scheme in the south eastern part of Turku. The two-floor asset comprises 90 retail tenants and has 2,400 free car parking spaces.
'This is our first entry into the Finnish market for this fund series as we try and benefit from the appealing fundamentals of the local retail market,' commented Florencio Beccar, Fund Manager of ESCF II, CBRE Global Investors. 'We have acquired a stable well-performing asset that fits well within the fund’s portfolio and our investment criteria as it is a dominant shopping centre that delivers a healthy income return. Further, the business plan for the asset targets the reduction of vacancy which will offer some extra upside and income growth over the hold period.'
The centre is anchored by K-Citymarket, H&M, Stadium and Clas Ohlson and it is over 90% occupied.
This asset is the seventh property in ESCF II taking the size of the fund to €707 mln.
'This is the third asset we have acquired in the Nordic region this year illustrating the importance this region to the business and our investors. We are aiming to invest €550 mln of capital in the Nordics in 2017 and we have got the year off to a great start,' concluded Andreas Norberg, managing director for the Nordics at CBRE Global Investors.
