Delta Motor Group (Delta) has signed an agreement to divest a portfolio of 16 office properties located across Finland to a company co-owned by Sveafastigheter Fund III and Mattila & Saxen Property Partners. The purchase price amounts to EUR 42 mln.
Delta Motor Group (Delta) has signed an agreement to divest a portfolio of 16 office properties located across Finland to a company co-owned by Sveafastigheter Fund III and Mattila & Saxen Property Partners. The purchase price amounts to EUR 42 mln.
The transaction includes properties in Helsinki, Turku, Tampere, Lahti, Jyväskylä and Kuopio with a total leasable area of 53,000 m2 and building rights for a similar amount. All properties are leased to Delta on long-term rental agreements. Delta's operations in the buildings include sale of used and new cars as well as car service.
Sveafastigheter Fund III is an opportunistic fund focusing on real estate investments in the Nordic and Baltic countries, primarily Sweden and Finland. The fund has capital commitments totalling EUR 317 mln.
Mattila & Saxen Property Partners is a Finnish real estate company specialised in offering solutions to retail tenants and is a local partner to Sveafastigheter within the retail segment.
'Maintenance and management of properties is not part of Delta's core competence. A professional property owner's involvement will bring significant additional value to our business,' said Delta's CFO Jari Onniselkä.
'The co-operation that we have initiated with Mattila & Saxen enables us to actively serve users' and tenants' needs on the Finnish property market,' added Patrick Gylling, partner and CIO at Sveafastigheter.
Advium Corporate Finance acted as financial adviser in the transaction. Castrén & Snellman Attorneys acted as the legal adviser to the seller, whilst Hannes Snellman Attorneys acted as legal adviser to the buyer.
